International re/insurance broker Consilium has reported a 54% growth in Gross Written Premium (GWP) for the year ending June 2024, reaching nearly £700 million.
The company is now aiming for £800 million by the end of this calendar year and an ambitious £1.1 billion GWP by the end of 2026. This hike follows a five-year compound growth rate of 36%.
Consilium’s success is fuelled by significant expansion and strategic initiatives. In the past year, the company’s workforce has increased 154%, exceeding 100 employees.
Additionally, four new specialty divisions have been launched in Property, Casualty, Energy, and Cargo, attracting some of the market’s best talent to lead the teams, the broker stated.
Consilium has also broadened its global footprint with expansion into the US, Canada, Australia, and South Africa, and the establishment of offices in the Cayman Islands and Channel Islands.
Earlier this year it also launched an online quote and bind facility called Fundshield, to serve the insurance needs of directors appointed to investment fund entities.
James Baird, Joint CEO of Consilium, commented: “We are incredibly proud of the achievements of our team in the past year. Our focus on client service, superior market outcomes for our clients, growing our lines of business and talent development has enabled us to deliver exceptional results. We are committed to continuing our growth trajectory and becoming the most inspiring specialty broker in the world.”
He continued: “Our independence, ownership structure and culture continue to set us apart and allows us to focus solely on clients and people. All Aventum employees have been awarded share options which aligns us all with growing our business and ensuring that clients are a constant priority at the forefront of everything we do.
“Talented, driven individuals that join Consilium to launch new divisions, are confident in the knowledge that they are building a business on stable foundations which is not for sale and with enormous headroom for growth.”
An entrepreneurial independent broker, the company currently has nine divisions: UK Risk Solutions; Professional & Executive Risk Solutions; Delegated Risk Solutions; Property Risk Solutions; Casualty Risk Solutions; Energy Risk Solutions; Cargo Risk Solutions; Cedant Facultative Risk Solutions and Cayman Risk Solutions.
In addition, Consilium’s parent Aventum has designed an entire proprietary technology suite this year – rivalling anything found in the market today – and is developing these solutions for Consilium alongside an operational excellence programme.
Paul Richards, co-CEO of Consilium, comments: “It has been another busy year. We’ve undertaken some ambitious initiatives, not least to design and implement an entirely new proprietary technology suite. Of course initiatives of this scale are ongoing but the progress to date has been really encouraging.
“We have achieved so much in a short space of time which is testament to the Consilium staff who have been so engaged in the design and development of our future proof solutions, culminating in us winning Lloyd’s Broker of the Year in a recent industry awards. Specialty products, global distribution and a relentless focus on service remain the cornerstones of our strategy so expect to see more this financial year.”
Individual divisions within Consilium have delivered strong results. Highlights include 176% growth in Professional & Executive Risks, a 32% rise in international business, and 52% year-on-year growth in the Delegated Risk Solutions division.
