Global specialty re/insurance broker Consilium has announced its entry into the credit and political risk insurance market.
As part of the new portfolio, Consilium has hired Alan Wallace (pictured above) to support the business as it aims to establish a differentiated presence in terms of talent, innovative policy wordings, broad coverage, and A-rated Lloyd’s and London Market capacity.
The Consilium credit and political risk specialty will offer a range of client solutions, including non-payment, political risk, surety and bonds, and other niche risks. This segment of insurance is an established but evolving market that supports businesses in finance, industry, and commerce as they seek to trade with confidence during a period of heightened political and economic uncertainty, marked by increased interest rates, political unrest, challenging trading conditions, and higher levels of insolvency. The broker noted that claims have risen sharply in recent years, with payouts for bad debts up 23% in 2023.
Wallace, an experienced insurance professional with over 30 years in the London and global markets, will lead Consilium’s credit and political risk solutions. He brings extensive expertise 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, highlighted the new division and what it means for the re/insurance broker and the market.
“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,” Richards said.
Consilium has reported a compound growth rate of 39% since 2019 and has seen a 123% increase in headcount in the last 18 months, with further recruitment planned for next year.
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