Ambant, which provides professional consulting, resourcing and broker services to the Lloyd's, London and international insurance markets, has achieved Financial Services Authority authorisation and Lloyd's run-off broker status.
"Managing broker legacy effectively is a key challenge confronting Lloyd's and the London market in 2009," said Philip Grant, chairman of Ambant. "The administration of discontinued policies is a drain on technical and managerial resources – and distracts them from their core brokerage earning business. This is a situation which is being exacerbated by increasing number of departing teams and intermediaries exiting specific classes of business.
"Brokers are looking for solutions that focus on the rapid closure of portfolios, professional claims management, credit control and dispute resolution services, whilst maintaining high client service standards. Our authorisation is a great step forward for our broker services capability and means we are now fully equipped to deliver the full spectrum of services for broker legacy portfolios."