Aventum now 100% staff-owned

Aventum now 100% staff-owned | Insurance Business Asia

Insurance News

Gross written premium milestone also reached

Insurance News

By
Terry Gangcuangco

Specialty insurance group Aventum, which operates from 17 offices globally, has revealed it is now fully owned by its employees.

Announcing its new global employee ownership scheme, the company also reported reaching a significant milestone of US$1.86 billion in gross written premium (GWP) this year. The corresponding sum in 2020 was US$600 million.

Reflecting on the firm’s growth trajectory, chief executive David Bearman (pictured above) said: “We are a business that values purpose over profit, and wellbeing alongside performance. After all, a strong culture where each person is not simply a cog in a wheel but an essential component of success will ultimately guarantee our position as a leading international insurance group.

“Talent and hard graft should be rewarded. We believe in ownership for all, not just the privileged few, so when we say we are staff-owned, we mean ALL staff.”

Bearman further highlighted the long-term vision behind the move: “I’ve always said that in building Aventum we are creating a lasting legacy; this announcement takes us another step towards that goal. Our independence, employee ownership, and inimitable culture are key differentiators for us in attracting the best, entrepreneurial talent in the market, and therefore also key differentiators for clients and partners seeking superior results.”

The CEO also took time to thank his people’s “incredible efforts” for Aventum’s “tremendous growth” over the past decade.

“Under employee ownership, we are committed to building on this momentum and allowing everyone at Aventum to share in the fruits of our collective success rather than lining the pockets of third parties,” he declared.

Meanwhile, in line with Aventum’s continued development, its managing general agent, Rokstone, has hired Ludo Araujo (pictured immediately above) as senior underwriter within the property direct & facultative (D&F) division. Araujo is joining from Chaucer Syndicates, where he served as class underwriter for international property D&F for one and a half decades.

Based in London to primarily work from Rokstone’s Lloyd’s box, Araujo will come on board following his notice period from Chaucer Syndicates. Araujo’s pending arrival brings the property D&F underwriting team to eight members, with the division now managing US$300 million in GWP.

Rokstone managing director Ian Anson commented: “We’re excited to welcome Ludo to the team. He brings with him significant experience and relationships and a strong track record – a lead property D&F underwriter in Lloyd’s for the past 15 years. He has a well-honed focus on international markets, which will strengthen and balance our existing property D&F portfolio.”

What do you think about this story? Share your thoughts in the comments below.