Consilium enters the credit and political risk sector –

Consilium’s latest move marks the brand’s entry into the political risk sector. More here;

Consilium, the global brokerage and reinsurance company within the Aventum Group, today announced that it is entering the credit and political risk insurance market. Consilium has hired Alan Wallace to support the company in building a differentiated presence in terms of talent, innovative formulation, broad reach and A-rated Lloyd’s and London Market potential.

Consilium Credit and Political Risk specialization will cover the full range of solutions for clients, including non-payment, political risk, sureties and bonds and other niche risks. Credit and political risk insurance is an established but growing market, supporting the needs of businesses in every area of ​​finance, industry and commerce who want to trade with confidence. Consilium will provide much-needed choice, flexibility and innovation at a time when its clients face increased political and economic uncertainty, characterized by elevated interest rates, political unrest, prolonged difficult trading conditions and increased levels of insolvency. Claims have skyrocketed in recent years, with bad debt payouts increasing by 23% in 2023, for example.

Consilium’s credit and political risk solutions will be led by Alan Wallace, a highly experienced insurance specialist with over 30 years of experience in both the London and global markets, developing differentiated policy structures and wordings for specific classes of credit, political and surety risk; as well as strong business development and leadership skills.

Paul Richards, co-CEO of Consilium, said: “As we grow and expand rapidly, providing our clients with credit, political risk and related solutions at times of increased demand and need is an obvious addition to our specialist services offering. Our goal is to help businesses trade safely despite the current political and economic uncertainty. Alan brings strong carrier relationships, extensive experience advising clients on their complex needs and a deep understanding of the insurance market.”

Consilium has recorded a compound growth rate of 39% since 2019 and has seen a 123% increase in employment over the last 18 months, with further recruitment planned for next year. Broker Specialty is expected to experience significant growth in 2024, with a target of achieving a GWP of $1.4 billion by 2026.

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