Consilium poised to disrupt global delegated authority market with latest offering
International re/insurance broker Consilium, part of the Aventum Group, has launched a global delegated underwriting authority (DUA) service for coverholders, and hired a senior executive from Ed Broking to lead the unit.
Consilium claims its new DUA service will disrupt the prevailing market for binder placements and help coverholders grow their businesses exponentially.
The service will enable both insurance and reinsurance coverholders to access a global network of re/insurance capacity providers; digital platforms capable of deploying product to market; compliance and marketing consultancy; product and wording design; a dedicated in-house DUA team; claims management, and actuarial support and data science services (reserving, modelling and pricing), all rolled into one in-house package. Carriers will also be able to benefit from automated data feeds and bespoke data rich performance reports.
Consilium’s DUA team will be managed by Stuart Backhouse and Roshan Choolhun who will take up the role of managing director for Exponential.
Choolhun has more than 20 years’ experience working for independent brokers specialising in accident & health (A&H). He began his career as an A&H broker for Chersterfield before joining RK Harrison in 2012 which was later acquired by Howden. He joined Ed Broking in 2017 and established the A&H team there before it sold to Ardonagh earlier this year.
David Bearman, CEO of Aventum Group, said: “MGAs are tired of paying away their hard-earned commission to brokers who do little more than compile a monthly spreadsheet and take them out for an annual lunch. The reality is that coverholders globally have been under-served and over charged for many years. With new digital technologies augmented with actuarial insights, Exponential exists to change that status quo for the first time."
He added: “Being coverholders ourselves for almost a decade, we’ve learnt exactly what it takes to succeed in the DUA environment. The goal is simple: to leverage the capabilities of our Group to offer a holistic service that adds genuine value to coverholders and underwriting markets. The service will hugely benefit anyone who underwrites on behalf of another, and we see the potential as very exciting – we look forward to expanding our MGA partner base through the Exponential platform.”
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