Aventum broker Consilium launches into credit and political risk space
Aventum owned re/insurance broker Consilium has expanded its specialty offerings by entering the credit and political risk space and has tapped a London and global markets specialist to lead its new venture.
Alan Wallace (pictured) will lead Consilium’s credit and political risk solutions. In his new role, Wallace will support the business as it builds a presence in talent, wordings, broad cover, and Lloyd’s and London market capacity.
The desk will cover a range of client solutions including non-payment, political risk, surety and bonds, and other niche risks.
Wallace has over 30 years’ experience in both the London and global markets developing differentiated policy structures and wordings across credit, political risk, and surety classes.
The outlook for the segment is underpinned by political and economic uncertainty, marked by increased interest rates, political unrest, prolonged tough trading conditions and heightened levels of insolvency, the company said. Claims have risen sharply in recent years, including a 23% rise in pay-outs for bad debts in 2023, Consilium said.
Paul Richards, co-chief executive officer, 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.”
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