Aventum Group aiming for employee ownership model in talent attraction push

Independent global (re)insurance business Aventum Group is aiming towards implementing an employee ownership model as part of its drive to attract the insurance industry’s leading talent. 

Speaking to Insurance Times at the Biba Conference today (10 May 2023), group chief marketing officer Matt Field explained: ”The goal is to become an employee ownership business in the future – that’s the goal.

”There’s various different way going forward that we can create that model – but it has to work for [our staff] and it has to work for us too.” 

Aventum is an independent insurance business that owns wholesale (re)insurance broker Consilium and MGA Rokstone. 

It was formed following Direct Insurance Group’s transformation into Aventum Group in May 2021 and has since achieved “just shy of” $1.5bn (£1.2bn) in gross written premium (GWP). 

Focus on talent

Aventum is looking to grow with a strongly defined culture going forward and is aiming to attract “industry-leading talent” via its focus on creating an attractive proposition for potential employees. 

Within the last year, the business has employed a full-time personal fitness trainer and a welfare officer for its employees. 

Field explained: ”The problem the [insurance] industry has is that it’s difficult to attract talent.Our agenda is very much about cretaing a culture and maintaining a culture that people want to come and join.”

Aiming towards an employee ownership business model is something that Field believes will attract this talent and provide buy-in for Aventum’s staff as it continues to grow. 

The group has increased its headcount from 35 in 2020 to just under 400 now and is aiming to continue to bring in the “right people”.

Field added: ”Ultimately, if we bring the right people in, our churn rate is low and they’re adding value, then that’s solidifying the culture we’re trying to create.”