September 8, 2015 by Canadian Underwriter
United Kingdom-based Advent Insurance Management, which provides support services for delegated authority underwriting businesses, has established operations in Canada with its announcement Monday that it has entered into a joint venture agreement with Canadian Claims Services Inc. (CCS).
As part of the formal partnership with CCS, Advent Insurance Management Limited has been formed in Canada (Advent holds a controlling interest).
Advent Insurance Management – part of specialist insurance consulting and outsource services provider, Advent Solutions Management – reports the venture with CCS helps Advent meet its objective to have a complete network of support for clients across North America. Advent reached a similar arrangement with Delaware-based AmeriClaim – a claims adjusting business with more than 200 locations throughout North America – in August, notes a statement from the company, launched as a London Market wholesale broker and distributor of retail insurance products that has since expanded to become a provider of operational, logistical, regulatory and administrative services for underwriters and distributors of insurance products.
Calling CCS “a fast-growing, highly regarded and extremely well-run specialist claims adjusting firm,” Paul Bermingham, director of Advent Insurance Management UK, says in the statement that he is “delighted to announce this joint venture, which fulfils Advent’s ambition of providing a complete network of support for clients across North America.”
CCS is a full service, multi-line claims adjusting business with service locations in 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,” the statement adds.
“The regulatory landscape has changed dramatically both in Canada and in territories across the globe,” says Bermingham. “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,” he adds.
“Advent will support coverholder business originating from London and provide consultancy services to clients of CCS,” the company reports. “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,” the statement notes.
“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,” adds CCS president David Riddell.