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.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom