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ADVENT INSURANCE MANAGEMENT CONTINUES GLOBAL EXPANSION WITH AUSTRALIAN JOINT VENTURE

Advent Insurance Management (Advent), the specialist provider of support services for delegated authority underwriting businesses, today announces it has established a presence in Australia.

Advent has entered into a joint venture agreement with Sydney-based regulatory and outsourcing services provider Littlewoods Services. Advent has jointly formed a new company with LWS: Advent Insurance Management Pty. Ltd, in which Advent holds a controlling stake. The move follows similar recently formed partnerships with AmeriClaim and Canadian Claims Service and completes Advent’s strategy of establishing a presence in its key markets: US, Canada, UK and Australia, providing Advent with direct access to over 80% of Lloyd’s coverholders.

Littlewoods, which was established in 1957, is closely aligned with Advent, providing regulatory support to clients to ensure compliance and increase operational efficiency. Clients will be offered access to Advent’s full range of support services including Advent’s proprietary software, which provides increased transparency between all parties during the transaction process and also captures the underlying information required for regulatory purposes.

Paul Bermingham, Executive Director, Advent Insurance Management said: “I am delighted to announce this joint venture with Littlewoods, which is an extremely high calibre and long established provider of specialist services that has a close affinity with Advent. This completes Advent’s global footprint and provides a local presence across three continents at a time when the delegated authority market is on the cusp of unprecedented change. Advent is ideally positioned to support the market in managing the substantial changes that will be required of many delegated authority businesses to meet the new regulatory requirements.”

Ross Littlewood, added: “The partnership between Littlewoods and Advent is an extremely good fit and ideally timed, given the stringent new regulatory requirements that are becoming a reality for Lloyds and other insurance businesses. The combined experience and expertise will help clients to significantly strengthen their position to meet the new regulatory requirements and continue to capitalise on the opportunities in this profitable and growing sector.”