14 December 2015 Insurance

Advent launches asset recovery service: appoints manager

Advent Insurance Management, the specialist provider of support services for delegated authority underwriting businesses, has launched its asset recovery service.

The new service will target funds that become trapped due to the multiple parties involved in delegated authority processes.

According to the firm, such funds are estimated to amount to hundreds of millions of pounds annually and Advent has already been appointed to recover funds in excess of £10 million.

Advent has appointed Sharon Sharkey as asset recovery manager to lead the development of the service and will report to director Paul Argent. She joins the firm from Aureus Asset Managers and brings 25 years’ industry experience to Advent, having previously worked for Compre, Pro Insurance Solutions, QBE International, Marsh, and Lloyd’s.

.Advent’s asset recovery service can also help to reduce capital requirements under Solvency II through the recovery of funds that directly impact insurers’ balance sheets and the reporting of data required under Pillar 3 reporting, according to the firm  Core areas include loss funds, letters of credit, trapped funds, bad debt, unpaid expert fees, schemes of arrangement, and commutations.

“I am extremely pleased to announce the launch of Advent’s asset recovery service and to welcome Sharon to head the initiative,” said Paul Argent, director, Advent.

“Her expertise and experience are ideally suited to developing this consultancy service and to recovering some of the millions of pounds held in the wrong accounts annually.

“The asset recovery service is part of Advent’s ongoing commitment to supporting the delegated authority and wider insurance market with best-in-class products and services.”

Sharkey added: “I am delighted to be joining Advent to spearhead the newly-launched asset recovery service.

“This is a timely proposition as competitive and regulatory pressures focus minds on the operational efficiency of delegated authority channels. I look forward to working with Paul and the team to return monies to our clients that they may not be able to recover themselves.”

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