Consilium, the global speciality re/insurance broking business of the Aventum Group, has entered the Credit and Political Risk insurance market, adding a “much needed choice” at a time when its clients face heightened political and economic uncertainty.
Its new 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.
Despite being an established market, Credit and Political Risk is still developing. It aims to support the needs of businesses in every area of finance, industry, and commerce as they seek to trade with confidence at times of heightened political and economic uncertainty.
The current landscape is 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.
Alan Wallace, a highly experienced insurance professional with over 30 years’ experience in both the London and global markets, will lead Consilium’s Credit and Political Risk solutions.
Through his career he has gained experience in 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.”
