Lloyd’s insurer Advent announced the launch of its Bespoke Products underwriting unit, led by Paul Driver and Philip Misztela, and supported by Stuart Cowen. The new team will report to Advent CUO William Beveridge.
John Marks, who founded the portfolio more than 20 years ago, has been working with Advent as a consultant and will continue to provide proactive guidance and support, the company said in a statement.
The team, which joins from Beazley, will develop a highly diverse bespoke portfolio. The new offering will complement Advent’s existing property binders and A&H businesses, Advent said.
Beveridge said, “I am very pleased to announce the launch of our new Bespoke Products underwriting unit. It is a high calibre team which joins with an excellent track record, leading market reputation and extensive product knowledge and experience. John and his colleagues are already demonstrating their ability to build a highly profitable book of business and, with the opportunities available through the Fairfax Group, I am confident that there is scope to continue to develop this offering on a global basis.”
Advent is a wholly owned subsidiary of Fairfax Financial Holdings Ltd., the Canadian holding company run by Prem Watsa. Through its subsidiaries, Fairfax said it engages in global property and casualty insurance and reinsurance and investment management. Advent underwrites through Syndicate 780 at Lloyd’s, which has been conducting business since 1974.
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