Consilium's new reinsurance division eyes Australian business

Consilium’s new reinsurance division eyes Australian business

24 January 2023

London-based specialty broking business Consilium has launched a cedant-driven facultative reinsurance division that it says will be looking for opportunities around the world, including in Australia.

Consilium, the global broking arm of Aventum, has appointed Simon Richardson as Managing Partner of the new FAC division.

Mr Richardson joins from Besso Re, where he was Head of North America and helped to create its global facultative team. Previously, he was involved in the formation of JLT Fac and earlier held senior positions with Willis and Lockton.

“There is a real thirst in the current market for an independent viewpoint on FAC in a highly consolidated environment, and Consilium is uniquely placed to offer that,” Mr Richardson said. “We see huge potential to use this platform to unlock opportunities and provide solutions for our clients.”

Parent company Aventum trades more than $US1.25 billion ($1.79 billion) in gross written premium annually and has 14 offices globally. Its operations also include managing general agent Rokstone.

Aventum Founder and CEO David Bearman says Mr Richardson has “immense expertise and knowledge and a strong track record of establishing successful cedent driven FAC Reinsurance operations”.

“We now have international reinsurance broking capabilities across the globe,” he said. “This new cedant led division will complement those operations and be a platform that we can expand both in class and territory.”

The new FAC division will draw on Consilium’s “broad network and knowledge base” to develop opportunities across the globe, including Australia, the company says.