UK-based Advent Insurance Management and Sydney’s Littlewoods Services have formed a joint venture to provide support services to Lloyd’s coverholders in Australia.

It is the latest joint venture from Advent, a specialist provider of support services for delegated-authority underwriting businesses. In the past two months the company has announced similar set-ups with local partners in Canada and the US.

“It’s a complete suite of support for [Lloyd’s] coverholders and is made up of accounting administration services and claims-handling,” Littlewoods Services Principal Ross Littlewood told insuranceNEWS.com.au.

“We have a strong claims background… this is an extension into the Lloyd’s coverholder market through the joint venture. It’s a big market here in Australia.”

Advent holds a 51% stake in the new venture.

“This completes Advent’s global footprint and provides a local presence across three continents at a time when the delegated-authority market is on the cusp of unprecedented change,” Executive Director Paul Bermingham said.

“Advent is ideally positioned to support the market in managing the substantial changes that will be required of many delegated-authority businesses to meet the new regulatory requirements.”

The joint ventures complete Advent’s bid to provide direct access to more than 80% of Lloyd’s coverholders across four jurisdictions, including its home market in the UK.

There are about 120 Lloyd’s coverholders in Australia, and globally coverholders write around 25-28% of Lloyd’s gross written premium.