6 November 2017Insurance

Advent Claims partners with Principia Underwriting

Advent Claims, the insurtech-led claims third party administrator (TPA) signed an agreement to administer all claims for Aquila Underwriting-backed managing general agent (MGA) Principia Underwriting.

Principia, which previously managed claims in-house, will implement Advantage, Advent’s proprietary claims management system, to manage claims arising under its 11 binders.

Principia’s portfolio contains mainly professional lines risks, predominantly cyber and media related.

Jerry McArthur, managing director, Advent Claims said: “I am extremely pleased to announce that Principia has appointed Advent to manage its claims function. This demonstrates Advent’s ability to manage a broad range of US-exposed professional lines risks, including media, professional indemnity, E&O and cyber. We look forward to assisting Principia in achieving greater efficiency and transparency while dramatically easing the burden of regulatory reporting.”

Advent Claims is the trading name of Advent Insurance Management.

Chris Newton, managing director, Principia Underwriting said: “The decision to outsource our claims function led us to review many propositions, and Advent’s was by far the most compelling. Advent is an experienced TPA and provides the highest levels of service via its IT platform. It complies with all FCA, Lloyd’s and Solvency II Pillar 3 reporting requirements, which was critical for us. This proven and innovative service will ensure we continue to meet all operational, regulatory and data reporting requirements both now and in future.”

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More on this story

11 October 2017   Advent Claims, a division of Advent Insurance Management, has entered into a partnership agreement with pan-European claims specialist Van Ameyde to provide support after Brexit.
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