Consilium launches marine division as part of strategy to be ‘most inspiring independent broker’

International (re)insurance broker Consilium, part of Aventum Group, has launched a new marine division, which will provide the broker’s customers with unrestricted access to A-rated Lloyd’s and London market insurers.

The new division will also operate across Europe, the Middle East, Latin America and Asia, providing access to specialty marine products that are tailored to customers’ needs while reflecting the nuances of various geographies.

Paul Richards, co-chief executive and managing partner of Consilium, explained that the broker’s expansion into the marine market not only progresses Consilium’s overarching strategy “to become the most inspiring independent speciality broker in the world”, but it also seeks to address the ramifications of consistent broker consolidation.

He explained: “Broadening our range of expertise into the marine market is a natural step in our strategy to become the most inspiring independent speciality broker in the world.

“Consolidation has eroded the options left to clients and service has suffered. These are incredibly exciting times for us as we seek to inspire marine customers through the delivery of consistently better outcomes.”

New hire

To lead its new marine division, Consilium has appointed Thomas Noakes – former associate director at Ardonagh-owned Price Forbes and Partners – as senior partner.

Noakes, who Richards described as having “expertise, dynamism and [a] strong commitment to client service”, will join the business in June 2024.

Noakes has 13 years of industry experience, particularly in placing speciality international marine risks including hull and machinery, protection and indemnity, charterer liabilities and marine cargo insurance.

Speaking on his appointment, Noakes said: “I am very impressed with Consilium’s entrepreneurial culture, which has fulfilled my desire to return to a nimble, truly independent and client first approach – a tradition that has been lost in the recent consolidation cycle.

“It has been refreshing to share the same personal values and vision along with Consilium’s desire to challenge the norm. This is an exciting time.”

Consilium has reported a compound growth rate of 39% since 2019 – it expects to achieve $1.4bn (£1.12bn) gross written premium by 2026. It has also grown its headcount by 123% in the last 18 months, with more recruitment scheduled for next year.