AIF invests in Advent
Specialist insurance consulting and outsource services provider Advent Solutions Management (Advent) has received a substantial capital investment from Abbey International Finance (AIF).
The investment will be used to progress Advent’s plans to extend support to clients in its major international insurance hubs. It will also be used to invest in technology and staff required to further advance Advent’s range of products and services for companies across its underwriting spectrum.
AIF, which is currently seeking to expand its insurance business, no owns a 40 percent stake in Advent.
David Hill, Advent managing director and founder said: “Advent has long backed the set up and development of insurance underwriting and distribution businesses. Increased regulatory scrutiny and operational pressures are now presenting an enormous challenge for managing agents, brokers, managing general agents (MGAs), insurers and others in the delegated underwriting market.
“This investment from AIF will support Advent’s vision of providing best in class services to our clients to alleviate these pressures and allow them to pursue the many opportunities that exist – ultimately to help make this work for the London market globally.”
John Prosser, managing director, AIF said: “Advent is an extremely well run specialist insurance support business that has been instrumental in the development of the delegated underwriting market. The tailored support provided by its expert management team allows its clients to focus on core business activities while ensuring they are regulatory and operationally compliant, which is particularly timely for delegated underwriting businesses.
“With proprietary systems developed by industry practitioners, deep sector knowledge and an entrepreneurial, client-focused approach, we see great potential for this business and we look forward to supporting Advent in offering enhanced services on a global basis for its clients.”
