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Advent Underwriting, in partnership with CFC Underwriting, has come up with a new online pricing and placing tool to cater to small- and medium-sized enterprises in the Middle East and North Africa (MENA) region who wish to take out political violence (PV) insurance.
“In today’s political climate, SMEs in MENA are the prime example of a buyer class that could greatly benefit from appropriate PV insurance,” said Advent’s PV head Laura Goldsworthy. “Yet, it is still vastly underinsured because of the disproportionately high costs to transact local, low-value business via specialists based in London.”
To address this, the Lloyd’s insurer has launched the PVPlus platform and appointed Antoine Bdadouni as business development manager. Ten-year broking veteran Bdadouni – who started out as a reinsurance broker at Nasco in Paris and was also a Marsh and McLennan MENA executive committee member – made the switch from Guy Carpenter.
PVPlus features coverage for a broad range of perils such as business interruption, S&T (sabotage and terrorism), SRCC (strikes, riots, and civil commotions), and war; insured limits of up to US$10 million; 100% capacity offered in one market; as well as fully compliant, bound slips produced at time of binding.
In addition, Advent said there are no minimum premiums as no client is “too small.” Also, quote turnaround does not go beyond six hours.
“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,” noted Goldsworthy. “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.”
