Consilium, the international broking arm of Aventum Group, has announced the launch of a new cyber, tech, and fintech division.
This new unit will work closely with Consilium’s financial lines broking team ProEx, initially focussing on serving clients across major international finance centres including the UK, Channel Islands, Cayman Islands, and Europe. There are also plans to leverage the wide network and knowledge base to explore new opportunities worldwide.
Leading the division is Tom Abbotts, who has been appointed as associate partner.
Abbotts has extensive experience as a specialist cyber, tech, and fintech insurance broker with a strong background in serving the financial markets. He joins Consilium from Elmore Insurance Brokers where he was one of the founding members and led the cyber, technology, and fintech team.
Commenting on his appointment, Abbotts expressed his enthusiasm for leading Consilium’s new division, highlighting the rapid maturation of the market.
“There’s now much greater awareness of the products, and the risks and policies are increasingly more sophisticated,” said Abbotts. “Financial lines is a particular hot bed for cyber. There’s strong demand driven by client needs and increasing regulatory demands.
“In the future, we could well see cyber being made compulsory in the same way as employer’s liability in the UK. Brokers and clients will be looking to work with those who have proven expertise across both cyber and within their specialist markets and territories.”
Consilium co-CEO Paul Richards also shared his excitement about Abbotts’ appointment and acknowledged his immense expertise in cyber, tech, and fintech insurance.
“Driven by our entrepreneurial winning culture, ambitious professionals like Tom can clearly see the opportunity and want to play a part in creating one of the best global specialty (re)insurance broking businesses in the world,” said Richards.
“We will be investing further in growing the new division both in class and territory, and in time see it as an important complementary offering across all core lines of the business, allowing us to offer clients a complete packaged offering under one roof.”
The launch of Consilium’s new cyber, tech, and fintech division comes after the formation of a specialty treaty reinsurance division offering both proportional and non-proportional solutions.
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