Advent Solutions Management has announced plans to create a multi-discipline insurance business with gross assets of US$100 million, targeting growth in the global delegated authority market.
The specialist provider of support services for start-ups, entrepreneurs and managing general agents (MGA) said its planned expansion is expected to process premiums of US$200 million within five years, with growth being driven from London.
Advent’s investment partner Abbey International Finance Limited (AIF) has committed to provide funding for acquisitions to support the five-year plan.
The company’s ambitious expansion plans follow major investment by AIF in August 2015, which enabled the latter to hold a 40% stake in Advent.
Advent will also continue to develop its presence in the MGA and retail distribution sectors while anticipating growth from its recently established global network in the US, Canada, Australia and another American venture in the future.
To make its expansion plans possible, Advent’s London headquarters has moved to larger offices at 3 Lombard Street in the UK capital.
“We are delighted to have moved to our new larger premises on Lombard Street and entered the next phase of planned growth,” said Advent founder and managing director David Hill.
He added: “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.”
As part of its strategy to increase diversified revenues, the Malta-based protected-cell vehicle of AIF has also been rebranded as Advent Insurance PCC Ltd.