Consilium, a global specialist reinsurance broker, has announced its entry into the credit and political risk insurance market.

As part of the new portfolio, Consilium has appointed Alan Wallace (pictured above) to support the business as it aims to establish a differentiated presence in terms of talent, innovative policy formulation, broad coverage, A-rated Lloyd’s and London market capacity.

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Consilium’s credit and political risk specialty will offer a range of solutions to clients, including non-payment, political, security and bond, and other specialist risks. This sector of insurance is an established but evolving market that supports companies in finance, industry and trade as they seek to trade with confidence during a period of heightened political and economic uncertainty, characterized by increasing interest rates, political unrest, difficult trading conditions and high levels of insolvency. Claims have risen sharply in recent years, with bad debt payments rising by 23% in 2023, the broker noted.

Wallace, an actuary with over 30 years’ experience in London and global markets, will lead Consilium’s credit and political risk solutions. He has extensive experience in developing structures and formulating various policies across credit, political risk and collateral categories, as well as strong business development and leadership skills.

Paul Richards, Co-CEO at Consilium, highlighted the new division and what it means for the reinsurance broker and the market.

“As we grow and expand at a rapid pace, providing credit, political risk and related solutions to our clients at a time of increasing demand and need is a clear addition to our range of specialist services. Our goal is to help businesses trade with confidence despite the prevailing political and economic uncertainty,” said Richards. Alan has strong relationships with carriers, extensive experience advising clients on their complex needs, and a deep understanding of the insurance market.”

Consilium has recorded a compound growth rate of 39% since 2019 and has seen a 123% increase in headcount in the past 18 months, with further hiring planned for next year.

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