Consilium Enters Credit and Political Risk Sector

The latest move from Consilium sees the brand enter the political risk sector. More here;

Consilium, the global speciality (re)insurance broking business of the Aventum Group, today announced that it is entering Credit and Political Risk insurance market.  Consilium has hired Alan Wallace to support the business as it builds a differentiated presence in terms of talent, innovative wordings, broad cover, and A-rated Lloyd’s and London Market capacity.

The Consilium Credit and Political Risk specialty will cover the full range of client solutions including non-payment, political risk, surety and bonds, and other niche risks.  Credit and Political Risk insurance is an established but developing market, supporting the needs of businesses in every area of finance, industry, and commerce as they seek to trade with confidence.  Consilium will bring much needed choice, agility, and innovation at a time when its clients face heightened political and economic uncertainty, marked by increased interest rates, political unrest, prolonged tough trading conditions and heightened levels of insolvency.  Claims have risen sharply in recent years, with pay-outs for bad debts for example up 23% in 2023.

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

Paul Richards, Co-CEO at Consilium, said: “As we grow and expand at pace, bringing credit, political risk and related solutions to our clients at a time of increased demand and need is an obvious addition to our range of specialty services.  Our aim is to help businesses trade with confidence despite prevailing political and economic uncertainty.  Alan brings strong relationships with carriers, vast experience of advising clients on their complex needs, and a deep understanding of the insurance market.”

Consilium has reported a compound growth rate of 39% since 2019 and has seen a 123% increase in headcount in the last 18 months, with further recruitment planned for next year.  The Speciality broker is expected to see significant growth in 2024 and is on target to reach USD 1.4bn GWP by 2026.