Advent and Brit will merge parts of their businesses in response to the challenging marketplace
Advent has been undertaking detailed portfolio reviews in response to considerable challenges facing the syndicate in what it describes as an “extremely competitive marketplace”.
This review will now focus on working with Brit to consider which parts of the portfolio can be transferred, as well as building plans to run off the remainder of the business.
Advent and Brit are consulting with staff about the proposals. This involves working together to establish the strongest parts of each business.
Nigel Fitzgerald, chief executive of Advent said: “We believe this is the right and best approach to building on the value we have created in recent years at Advent. We look forward to working closely with the team at Brit to achieve that objective.”
Matthew Wilson chief executive of Brit added: “We are working closely with the management team of Advent to design what we believe will be an optimum portfolio for our business and look forward to welcoming Advent team members to Brit.
“These are challenging times, nonetheless with our clear strategy for the future we will collectively continue to build upon our track record of outperformance.”
Advent and Brit are both part of the wider Fairfax Group, which said its commitment to allowing businesses to operate on a decentralised basis would be unaffected by this action.
And Prem Watsa, chairman of Fairfax, said: “Recognising the challenges Advent faces today, and following consultation with Nigel Fitzgerald and Lloyd’s, we were happy to adopt this course of action.”
Jon Hancock, director of performance management at Lloyd’s, said: “We have been and will continue to work with Advent to ensure the best outcome for all.
“We welcome the collaboration with and support of the wider Fairfax Group in showing leadership in exploring ways to enhance their group’s Lloyd’s business performance and thereby contribute to improving overall market performance.”