Consilium, an international re/insurance broker and part of the Aventum Group, has announced the launch of a new global delegated underwriting authority (DUA) service for coverholders, which aims to disrupt the current market for binder placements.
The service, called Exponential, is available to both insurance and reinsurance coverholders and will provide access to a global network of capacity providers and digital platforms.
The in-house package also facilitates access to compliance and marketing consultancy, product and wording design, claims management and actuarial support and data science services.
“MGAs are tired of paying away their hard-earned commission to brokers who do little more than compile a monthly spreadsheet and take them out for an annual lunch,” said David Bearman, CEO of Aventum Group.
“The reality is that coverholders globally have been under-served and over charged for many years. With new digital technologies augmented with actuarial insights, Exponential exists to change that status quo for the first time.”
Exponential brings together Consilium’s global in-house DUA team, managed by Stuart Backhouse, and Roshan Choolhun who will take up the role of Managing Director for Exponential.
Choolhun has more than 20 years’ experience working for successful independent brokers specialising in Accident & Health (A&H).
He began his career as an A&H broker for Chersterfield before joining RK Harrison in 2012 which was later acquired by Howden. He joined Ed Broking in 2017 and established the A&H team there before it sold to Ardonagh earlier this year.
“Being coverholders ourselves for almost a decade, we’ve learnt exactly what it takes to succeed in the DUA environment,” Bearman continued. “The goal is simple: to leverage the capabilities of our Group to offer a holistic service that adds genuine value to coverholders and underwriting markets.”
“The service will hugely benefit anyone who underwrites on behalf of another, and we see the potential as very exciting – we look forward to expanding our MGA partner base through the Exponential platform.”