The latest results news from Consilium and it’s looking healthy;
Consilium, the international (re)insurance broker, part of Aventum Group, has announced 35% growth in revenue for the year ending June 2023 with GWP at USD 600m. June 2024 the broker is expected to reach USD 800m GWP and USD 1.4bn by year end 2026.
Consilium is an entrepreneurial independent broker. It invests in market leading talent and new technologies to seize opportunities in sectors like Property, Construction, Cyber, Financial and other Liability lines. The broker has reported a compound growth rate of 39% since 2019. It has seen an 85% increase in headcount since June 2022 with further recruitment planned for next year. The Speciality broker is expected to see a further 45% growth in 2024 and is currently already ahead of budget for Q1 23/24 and on target to now reach USD 1.4bn GWP by 2026.
Following the appointment of new joint CEOs in November 2022 and January 2023, Consilium has focussed its strategy on growing its product portfolio, international reach and service. It launched a Cyber, Technology and Fintech offering, a Cedant Facultative Risk Solutions division, a Speciality Reinsurance Treaty offering and a Specialist Professional and Executive Risk Solutions division. The latter focusses on providing specialty financial lines products and services to clients in the UK and offshore territories including the Channel Islands. Consilium has opened an office in Guernsey and secured licenses in Jersey and the Cayman Islands.
It has extended its international reach on its existing lines with expanded wholesale and retail broker, MGA and cedant relationships established this year in the UK, USA, Canada, Australia and South Africa. It has made a number of senior operational hires including a Chief Claims Officer and Chief Operations Officer, and has embarked on a technology transformation and operational improvement programme that will transform the efficiency and service delivery of its broking operations.
In conjunction with Aventum’s tech and actuarial talent, Consilium’s Delegated Risk Solutions team has also launched an exciting proprietary portfolio optimisation tool, giving its clients who have delegated authority agreements a unique advantage. Named ADA, which stands for Artificial Digital Actuary, the machine learning tool ingests and validates data fast, providing its delegated authority brokers with the interactive reports and insights that matter to carriers, identifying key ultimate loss ratio (ULR) drivers and forecasting future performance, rather than relying on historical data.
Consilium clients can quickly see what is impacting portfolio performance, and ADA makes recommendations for action. Putting this level of insight directly into the hands of Consilium Managing General Agent (MGA) clients, way ahead of insurers, gives them control and confidence to take action to improve performance, secure more capacity and increase underwriting profit.
Paul Richards, co-CEO of Consilium, comments: “To say it has been a busy year would be an understatement! We have achieved so much in a short space of time and yet I know that this is just the beginning. It’s a hugely exciting journey ahead of us. The last year has been about getting the strategy in place and executing the plan. We’ve invested heavily in people and operations and we’ll see those efforts and investments bearing rich fruit in the year ahead. Specialty products, global distribution and a relentless focus on service are the cornerstones of our strategy. Technology is playing a vital role in achieving our ambitions. We launched Project Inspire this year – a massive investment that will deliver simplified processes, including a new policy administration system, capture accurate and consistent data and use technology for an efficient and modern engagement with clients, to support our staff and improve how we trade with markets.”
James Baird, co-CEO of Consilium adds: “It has been a busy 12 months of connecting and building relationships too, especially in the US, Canada and Australia. We’ve forged partnerships with a number of industry associations in these regions including CAMGA (Canada Association of Managing General Agents – the national trade association representing P&C MGAs) and the UAC (Underwriting Agencies Council of Australia) as we enhance and expand our global distribution. We’ve seen excellent progress this year – maintaining a consistently impressive 35% growth as we strive to be the most inspirational specialty wholesale (re)insurance broking businesses. Just 12 months ago we publicly set out some seriously ambitious targets; we’ve exceeded those targets and we’re well on our way to reaching USD 1.4bn GWP by 2026.”
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