Aventum’s (re)insurance broking business Consilium has announced that it will be entering the credit and political risk insurance market.
The broker said it will provide a range of covers for this area of the market, including non-payment, political risk, surety and bonds and other niche risks.
It is making the move after finding a rise in claims in recent years, with pay-outs for bad debts, for example, up 23% in 2023.
Paul Richards, co-chief executive of 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.”
Appointment
Consilium’s credit and political risk arm will be led by Alan Wallace.
He brings 30 years’ experience in both the London and global markets to the role, with him developing differentiated policy structures and wordings across credit, political risk and surety classes.
“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.
