A former Elmore Insurance Brokers senior leader has been chosen to head up the team

Aventum Group’s global specialty (re)insurance broking business Consilium has launched a new cyber, technology and financial technology (fintech) division.

The new division will work closely with the business’ financial lines broking team – ProEx – to serve its clients base across the UK, Channel Islands, Cayman Islands and Europe, with the aim of developing new opportunities across the globe.

Consilium’s co-chief executive Paul Richards said the business will be “investing further in growing the new division both in class and territory”.

“In time [we will] 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,” he said.

New appointment 

As part of the move, Tom Abbotts has been appointed to lead the division as associate partner.

Abbotts will join the business from Elmore Insurance Brokers, where he served as an account handler before being promoted to the role of client and operations executive.

Abbotts then went on to lead the firm’s cyber, technology and fintech team.

Richards said: “He has immense expertise and knowledge of cyber, tech and fintech and we are incredibly fortunate that we continue to attract leading talent to our ranks.

“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.”

Abbotts – who said he was “delighted” to join Consilium – highlighted that “the market has matured massively in the last few years”.

“There’s now much greater awareness of the products and the risks and policies are increasingly more sophisticated,” he said.

”Financial Lines is a particular hotbed 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.”