International re/insurance broker Consilium, part of Aventum Group, has reported a 35% increase in revenue for the year ending June 2023 with Gross Written Premiums (GWP) at $600 million.
The broker expects to reach $800 million GWP by June 2024, and $1.4 billion by year end 2026.
An entrepreneurial independent broker, Consilium invests in market leading talent and new technologies to seize opportunities in sectors like Property, Construction, Cyber, Financial and other Liability lines.
The company has also reported a compound growth rate of 39% since 2019. It has seen an 85% increase in headcount since June 2022 with further recruitment planned for next year.
According to the announcement, Consilium is expected to see a further 45% growth in 2024 and is currently already ahead of budget for Q1 23/24 and on target to now reach $1.4 billion GWP by 2026.
Paul Richards, co-CEO of Consilium, commented: “To say it has been a busy year would be an understatement! We have achieved so much in a short space of time and yet I know that this is just the beginning. It’s a hugely exciting journey ahead of us. The last year has been about getting the strategy in place and executing the plan. We’ve invested heavily in people and operations and we’ll see those efforts and investments bearing rich fruit in the year ahead.
“Specialty products, global distribution and a relentless focus on service are the cornerstones of our strategy. Technology is playing a vital role in achieving our ambitions. We launched Project Inspire this year – a massive investment that will deliver simplified processes, including a new policy administration system, capture accurate and consistent data and use technology for an efficient and modern engagement with clients, to support our staff and improve how we trade with markets.”
Since the appointment of new joint CEOs in November 2022 and January 2023, Consilium has focussed its strategy on growing its product portfolio, international reach and service.
It launched a Cyber, Technology and Fintech offering, a Cedant Facultative Risk Solutions division, a Speciality Reinsurance Treaty offering and a Specialist Professional and Executive Risk Solutions division.
The latter focuses on providing specialty financial lines products and services to clients in the UK and offshore territories including the Channel Islands. Additionally, the broker has opened an office in Guernsey and secured licences in Jersey and the Cayman Islands.
As part of its expansion, Consilium has also extended its international reach on its existing lines with expanded wholesale and retail broker, MGA and cedant relationships established this year in the UK, USA, Canada, Australia and South Africa.
It has made a number of senior operational hires including a Chief Claims Officer and Chief Operations Officer, and has embarked on a technology transformation and operational improvement programme that, according to the broker, will transform the efficiency and service delivery of its broking operations.
Consilium’s Delegated Risk Solutions team, in conjunction with Aventum’s tech and actuarial talent, has also launched an exciting proprietary portfolio optimisation tool named Artificial Digital Actuary (ADA).
ADA is a machine learning tool that is able to ingest and validate data fast, providing delegated authority brokers with the interactive reports and insights that matter to carriers, identifying key ultimate loss ratio (ULR) drivers and forecasting future performance, rather than relying on historical data.
James Baird, co-CEO of Consilium said: “It has been a busy 12 months of connecting and building relationships too, especially in the US, Canada and Australia. We’ve forged partnerships with a number of industry associations in these regions including CAMGA (Canada Association of Managing General Agents – the national trade association representing P&C MGAs) and the UAC (Underwriting Agencies Council of Australia) as we enhance and expand our global distribution.
“We’ve seen excellent progress this year – maintaining a consistently impressive 35% growth as we strive to be the most inspirational specialty wholesale re/insurance broking businesses. Just 12 months ago we publicly set out some seriously ambitious targets; we’ve exceeded those targets and we’re well on our way to reaching $1.4 billion GWP by 2026.”
