Advent Claims, the insurTech-led claims TPA, today announces it has signed an agreement to administer all claims for Aquila Underwriting-backed MGA, Principia Underwriting.
Principia, which previously managed claims in-house, will implement Advantage, Advent’s proprietary claims management system, to manage claims arising under its 11 binders. Principia’s portfolio contains mainly professional lines risks, predominantly cyber and media related.
Because Advantage captures all the information required for regulatory purposes, this will enable Principia to provide all data required by regulators extremely efficiently. Using straight-through processing, Advantage eliminates errors, saves time, and reduces costs for all parties. It also speeds claims payment times significantly.
Jerry McArthur, managing director, Advent Claims said: “I am extremely pleased to announce that Principia has appointed Advent to manage its claims function. This demonstrates Advent’s ability to manage a broad range of US-exposed professional lines risks, including media, professional indemnity, E&O and cyber. We look forward to assisting Principia in achieving greater efficiency and transparency while dramatically easing the burden of regulatory reporting.”
Chris Newton, managing director, Principia Underwriting said: “The decision to outsource our claims function led us to review many propositions, and Advent’s was by far the most compelling. Advent is an experienced TPA and provides the highest levels of service via its IT platform. It complies with all FCA, Lloyd’s and Solvency II Pillar 3 reporting requirements, which was critical for us. This proven and innovative service will ensure we continue to meet all operational, regulatory and data reporting requirements both now and in future.”
For further information please contact:
David Haggie / Richard Adams, Haggie Partners +44 20 7562 4444
About Advent Claims
Advent Claims, a trading name of Advent Insurance Management Ltd, provides Claims Consultancy and Claims TPA services to London Market brokers, carriers and their coverholders which alleviate regulatory and competitive pressures to allow delegated authority underwriting businesses to thrive. Advent Claims operates in the key delegated authority markets of the UK, US, Canada and Australia.www.advent.claims
About Principia Underwriting
Principia is one of five underwriting cells operating within the Aquila partnership. Aquila is an expanding underwriting agency operating through individual underwriting divisions, known as cells, which transact separate lines of business. Principia’s core offerings are a suite of specialist liability, business interruption, brand protection and crisis management insurance policies, with a focus on network security and privacy, information technology and creative media.