Consilium has hired Alan Wallace (pictured) to support the business as it seeks to establish a unique presence in terms of innovative policies, broad coverage, industry-leading talent, and A-rated Lloyd’s and London Market Capacity.
The credit and political risk specialty will offer a broad range of client solutions, which includes non-payment, political risk, surety, and bonds amongst other niche risks. The segment will target an evolving market that supports businesses in finance, industry, and commerce as they seek to trade confidently during a period of heightened political and economic risks.
Higher interest, geopolitical tension, and higher levels of insolvency have made market conditions more tricky, and Consilium noted that claims have risen significantly in past years, with payouts for bad debt up 23% last year.
Wallace brings over 30 years of experience to the role. His expertise lilies in developing differentiated policy structures and wordings across credit, political risk, and surety classes, as well as strong business development and leadership skills.
Paul Richards, co-CEO at Consilium, commented on the new division: “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.”
Consilium also noted it has reported a compound growth rate of 39% since 2019 and has seen a 123% increase in its headcount in the past 18 months, with plans for further expansion in the near future.
Source: Insurance Business Mag
