International (re)insurance broker Consilium has reported a notable 35% increase in revenue for the year ending June 2023, with a gross written premium (GWP) reaching $600 million. Projections indicate that the company is on track to achieve a GWP of $800 million by June 2024 and $1.4 billion by the end of 2026.
Since 2019, the broker has maintained a compound growth rate of 39%. Additionally, since June 2022, there has been an 85% increase in its workforce, with further recruitment anticipated in the coming year. The broker is expected to see 45% growth in 2024 and is currently surpassing its budget for Q1 23/24, aligning with its target of reaching $1.4 billion GWP by 2026.
Following the appointment of new joint CEOs in November 2022 and January 2023, Consilium has refined its strategy, focusing on expanding its product portfolio, international reach, and service quality.
This year, the broker has introduced several new offerings, including a cyber, technology and fintech division, a cedant facultative risk solutions division, a speciality reinsurance treaty offering, and a specialist professional and executive risk solutions division. The latter specialises in providing financial lines products and services in the UK and offshore territories, including the Channel Islands. Consilium has also established a new office in Guernsey and obtained licenses in Jersey and the Cayman Islands.
The broker has additionally expanded its international presence in existing lines, establishing new wholesale and retail broker, MGA, and cedant relationships in the UK, USA, Canada, Australia, and South Africa. Key operational appointments have been made, including a chief claims officer and chief operations officer. Furthermore, Consilium has initiated a technology transformation and operational improvement program aimed at enhancing the efficiency and service delivery of its broking operations.
“To say it has been a busy year would be an understatement,” said Consilium co-CEO Paul Richards. “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.”
“It has been a busy 12 months of connecting and building relationships too, especially in the US, Canada and Australia,” added co-CEO James Baird. “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.”
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