Aventum Group’s specialty re/insurance broking business, Consilium has announced the launch of a new Cyber, Tech and Fintech division, and has appointed specialist insurance broker Tom Abbotts, as Associate Partner to lead the division.
Abbotts joins Consilium from Elmore Insurance Brokers where he was one of the founding members and led the company’s Cyber, Technology and Fintech Team.
Consilium’s new division will work closely with the firm’s Financial Lines broking team, ProEx, servicing its client base initially across all major international finance centres, which includes the UK, Channel Islands, Cayman Islands and Europe.
The division will also play a pivotal role in expanding Consilium’s international reach, as it will provide the company with new opportunities across the globe.
Addressing his appointment, Abbotts said: “I’m delighted to be joining Consilium to lead its new Cyber, Tech and Fintech division. The market has matured massively in the last few years. There’s now much greater awareness of the products and the risks and policies are increasingly more sophisticated.
“Financial Lines is a particular hot bed for Cyber. There’s strong demand driven by client needs and increasing regulatory demands. In the future, we could well see Cyber being made compulsory in the same way as Employer’s Liability in the UK. Brokers and clients will be looking to work with those who have proven expertise across both Cyber and within their specialist markets and territories.”
Paul Richards, co-CEO of Consilium, commented: “We’re delighted to welcome Tom on board. He has immense expertise and knowledge of Cyber, Tech and Fintech and we are incredibly fortunate that we continue to attract leading talent to our ranks.
“Driven by our entrepreneurial winning culture, ambitious professionals like Tom can clearly see the opportunity and want to play a part in creating one of the best global specialty (re)insurance broking businesses in the world.
“We will be investing further in growing the new division both in class and territory, and in time see it as an important complementary offering across all core lines of the business, allowing us to offer clients a complete packaged offering under one roof.”
