Consilium, the global speciality (re)insurance broking business of the Aventum Group, has made a significant move by establishing a new office in the Cayman Islands.
The firm has appointed Yaremis Hydes, a seasoned professional with over 17 years of experience, as the Managing Partner to lead the Cayman office.
Hydes, who previously served as Director of Cayman operations at Aon specialising in Property & Casualty and Employee Benefits, will bring her wealth of expertise to Consilium.
The newly opened office in Cayman will not only provide direct access to the local insurance market but also facilitate connections with the London and European insurance markets, offering additional capacity.
Consilium aims to focus on financial and professional lines, construction, residential strata, commercial property sectors, as well as group medical and ancillary benefits in the region.
Consilium obtained its license in Cayman in July 2023 and envisions expanding its team to five people by the end of 2024, with further recruitment planned based on demand. The strategic expansion aims to position Consilium as an industry leader in customer experience and service.
James Baird, joint CEO of Consilium, emphasised the significance of the Cayman office opening, stating, “Cayman is a thriving economy and one of the most sophisticated financial and professional services markets in the world.”
He highlighted the growing economy, population, and the subsequent need for insurance solutions in construction, infrastructure projects, and financial services transactions.
Baird further explained that Cayman’s insurance industry has traditionally been dominated by global brokers, presenting a substantial opportunity for Consilium to bring its expertise and collaborate with local clients and insurers.
The move aligns with Consilium’s global strategy to enhance customer experience and leverage technology for operational efficiency.
Welcoming Hydes to the team, Baird praised her entrepreneurial spirit, emphasising Consilium’s commitment to fostering innovation and providing tailored services to the Cayman client and insurer community.
Consilium’s expansion in Cayman is part of its broader global strategy, having acquired licenses in financial centers and offshore jurisdictions worldwide.
The company’s remarkable growth, with a reported compound growth rate of 39% since 2019, positions it as a key player in the specialty brokerage sector, with further growth expected in 2024 and a target of reaching USD 1.4 billion in Gross Written Premium by 2026.
