Insurance group announces employee ownership as GWP soars

(Re)insurance group Aventum has announced a new global employee ownership scheme after seeing its gross written premium (GWP) soar.

Under the new scheme, all employees will be given the equivalent of twice their annual salary in share value, which will also be provided to new starters as they join the group.

It means that the firm will now be 100% owned by all employees.

David Bearman, chief executive at Aventum, said that “talent and hard graft should be rewarded”.

He added: “We believe in ownership for all, not just the privileged few, so when we say we are staff owned, we mean all staff.

“I’ve always said that in building Aventum we are creating a lasting legacy. This announcement takes us another step towards that goal.

“Our independence, employee ownership and inimitable culture are key differentiators for us in attracting the best, entrepreneurial talent in the market and therefore also key differentiators for clients and partners seeking superior results.”

GWP milestone

The move comes after Aventum saw its GWP reach $1.86bn (£1.41bn) this year.

This is a threefold increase from $600m (£455m) in 2020.

“We’ve experienced tremendous growth over the past decade,” Bearman said.

“We owe this remarkable achievement to the incredible efforts of our team.

“Under employee ownership, we are committed to building on this momentum and allowing everyone at Aventum to share in the fruits of our collective success rather than lining the pockets of third parties.”