Advent Underwriting, the Lloyd’s specialty re/insurer, has launched a new online pricing and placing tool for low-ticket political violence (PV) business in the Middle East & North Africa (MENA) region.
The new rating tool, called PVPlus, was developed in partnership with independent MGA CFC Underwriting, and aims to provide SMEs in the region with access to highly-rated Lloyd’s security by dramatically reducing underwriting costs.
Advent says the platform will offer insured limits of up to $10 million, 100% capacity in one market, and will cover a broad range of perils, including business interruption (BI), Sabotage and Terrorism (S&T), Strikes, Riots and Civil Commotion (SRCC), and war.
Additionally, PVPlus will facilitate small clients by having no minimum premiums, will guarantee a maximum six-hour turnaround on quotes, and will be fully compliant, with bound slips produced at time of binding.
As part of its commitment to both the region and the platform, Advent has also announced the appointment of Antoine Bdadouni as Business Development Manager, reporting to Tariq Al-Salihi, Deputy Active Underwriter.
Bdadouni has more than 10 years’ broking experience and joins Advent from Guy Carpenter, where he most recently led its Dubai DIFC branch for facultative business.
Prior to this, he was also a member of the Marsh and McLennan MENA executive committee and began his career as a reinsurance broker at Nasco in Paris.
Laura Goldsworthy, Head of Political Violence at Advent, said: “In today’s political climate, SMEs in MENA are the prime example of a buyer class that could greatly benefit from appropriate PV insurance. Yet, it is still vastly underinsured because of the disproportionately high costs to transact local, low-value business via specialists based in London.
“Our new partnership is a game changer as it means we can deliver our expertise directly to local brokers, allowing us to pass on significant savings to customers in this vital market. I look forward to working alongside Antoine to deliver a trustworthy, cost-efficient solution, backed by A+ rated capacity, to businesses that really need it.”
