ADVENT INSURANCE MANAGEMENT ESTABLISHES OPERATIONS IN CANADA

Advent Insurance Management (Advent), the specialist provider of support services for delegated authority underwriting businesses, today announces it has entered into a joint venture agreement with specialist claims adjusting business Canadian Claims Services Inc. (CCS).

As part of the formal partnership with CCS, a new company has been formed in Canada – Advent Insurance Management Limited – in which Advent holds a controlling interest. Establishing a presence in Canada completes Advent’s strategy of creating a complete network across North America following a similar arrangement with Delaware-based AmeriClaim in August.

CCS is a full service, multiline claims adjusting business with seven service locations across Canada: Calgary, Canmore, Vancouver, Kelowna, Red Deer, Winnipeg and Edmonton where CCS is headquartered together with a national network of industry leading adjusting firms from coast to coast. Advent will support coverholder business originating from London and provide consultancy services to clients of CCS. Clients of both businesses will be offered access to Advent’s proprietary software, which captures the underlying information required for regulatory purposes while also providing increased transparency between all parties during the transaction process.

Paul Bermingham, Director, Advent Insurance Management UK said: “Canadian Claims Services is a fast-growing, highly regarded and extremely well run specialist claims adjusting firm. I am delighted to announce this joint venture, which fulfils Advent’s ambition of providing a complete network of support for clients across North America. The regulatory landscape has changed dramatically both in Canada and in territories across the globe. This venture will allow us to meet demand for the support now required to help delegated authority businesses mitigate the increased regulatory and operational pressures.”

David Riddell, President, Canadian Claims Service added: “I am extremely pleased to announce that an agreement has been reached between Canadian Claims Services and Advent. The resulting partnership will deliver tremendous benefits, with CCS clients now able to directly access the timely support of London market experts and Advent in turn gaining access to a substantial part of the Canadian market.”