Advent unveils $100m global expansion plans
Advent Solutions Management (Advent), a specialist provider of support services for start-ups, entrepreneurs and managing general agents (MGAs), has unveiled plans to create a multi-discipline insurance business with gross assets of $100 million.
Advent will target growth in the global delegated authority market and expects to be processing premiums of $200 million within five years.
Growth will be driven from London and Advent will continue to develop its presence in the MGA and retail distribution sectors. Advent also anticipates growth from its recently established global network in the US, Canada and Australia and a soon-to-be-launched venture in US.
To facilitate its plans, Advent’s London headquarters this week moved to larger offices at 3 Lombard Street in the City of London. Also, as part of its strategy to increase diversified revenues, the Malta-based protected-cell vehicle of Advent’s investment partner Abbey International Finance (AIF) has been rebranded as Advent Insurance PCC. The company will provide a cost-effective entry mechanism for clients looking to self insure and is authorised to underwrite all classes of non-life insurance.
AIF also provides underwriting capacity through its Dublin-based insurer, Advent Insurance, mainly in North America.
Advent’s ambitious expansion plans follow significant investment by AIF in August, which resulted in AIF holding a 40 percent stake in Advent. AIF has committed to providing funding to Advent for acquisitions to support the five year plan.
David Hill, founder and managing director, Advent, said: “We are delighted to have moved to our new larger premises on Lombard Street and entered the next phase of planned growth. Our future expansion is contingent on successfully alleviating the considerable pressures facing delegated authority businesses to enable them to thrive.
“Through the changes announced today, we are well placed to support the market with world-class products and services long into the future.”
