Consilium, the London-based insurance and reinsurance broker, part of the Aventum Group, has unveiled “Exponential,” a new global delegated underwriting authority (DUA) service for coverholders, which aims to disrupt the prevailing market for binder placements and help coverholders grow their businesses exponentially.
Available to both insurance and reinsurance coverholders globally, in a rapidly expanding range of lines, the service will give coverholders access to:
- A global network of re/insurance capacity providers,
- Digital platforms capable of deploying product to market in weeks,
- Compliance and marketing consultancy; product and wording design,
- A dedicated in-house DUA team,
- World class claims management,
- Actuarial support and data science services (reserving, modeling and pricing).
Carriers will also benefit from automated data feeds and bespoke data rich performance reports.
“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,” commented David Bearman, CEO of Aventum Group, in a statement.
“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,” Bearman said.
“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.”
Exponential brings together Consilium’s global in-house DUA team, managed by Stuart Backhouse, and Roshan Choolhun who will take up the role of managing director for Exponential. With more than 20 years’ experience working for independent brokers that specialize in accident & health, Roshan began his career as an A&H broker for Chersterfield. He joined RK Harrison in 2012 which was later acquired by Howden. In 2017, he moved to Ed Broking where he established the A&H team before it was sold to Ardonagh earlier this year.
About Aventum
Operating as an independent specialty insurance group, Aventum trades more than US$600 million gross written premiums annually, with 13 offices globally. Through its international re/insurance broking arm Consilium, and its global MGA operation, Rokstone, it offers clients a range of specialist and niche solutions in all lines of property/casualty re/insurance globally. Previously known as Direct Insurance Group, Aventum was rebranded in April 2021.
Source: Aventum
Related:
Was this article valuable?
Here are more articles you may enjoy.
Pfizer Agrees to Settle More Than 10,000 Zantac Cancer Lawsuits 
Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech 
Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure 
Class Action Settlements Flooded With Fraudulent Claims by Scammers 
