Consilium snags Aon broking heavyweight for new Cayman venture
International re/insurance broker Consilium, part of the Aventum Group, has attracted a top broker from Aon Cayman to set up a new office on the island.
Consilium has opened an office in Cayman and hired Yaremis Hydes as its managing partner.
Yaremis will join Consilium following her notice period from Aon where she was a director of its Cayman operations for seven years, specialising in property & casualty and employee benefits. She has more than 17 years’ experience of broking in these specialist lines in Cayman.
Consilium’s focus in the region will be in the financial and professional lines, construction, residential strata and commercial property sectors, drawing on its capabilities in these lines, as well as group medical and ancillary benefits.
Consilium secured its license in Cayman in July 2023. The broker anticipates expanding the office to a team of five by the end of 2024, with further recruitment as demand requires. Additionally, it plans to invest in customer experience and technology to drive efficiencies for both clients and insurer partners.
James Baird, joint CEO of Consilium, said: “Cayman is a thriving economy and one of the most sophisticated financial and professional services markets in the world. The economy and population are growing at a rate that many other countries will envy. With this growth comes construction, infrastructure projects, societal needs and financial and professional services transactions, where insurance has a vital role to play.
“The insurance industry in Cayman has and is traditionally a captive management market dominated by the big global brokers and a few other specialists focused on this sector. In more recent times we have seen consolidation of the limited number of insurance broking businesses meaning there is less choice for the client base. This presents a significant opportunity and makes Cayman a great jurisdiction for Consilium to put boots on the ground. We are bringing the London and European insurance market closer to Cayman clients alongside the insurers in the region, in a strategic and collaborative way under the Consilium brand.”
He added: “We’re delighted to welcome Yaremis on board. She is strongly entrepreneurial and where other more corporate organisations may stifle entrepreneurialism, we want Yaremis and her colleagues to unleash this potential and paint their canvass with our colours to best serve the Cayman client and insurer community, rather than external shareholders.”
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