Ep159 James Baird & Paul Richards Co-CEOs Consilium: Do you pass the barbecue test?

Today’s guests are a pair of broking executives clearly relishing
an opportunity to lead a business through a period of accelerated
growth in a market that is extremely favourable. James Baird
(pictured left) and Paul Richards (right) are co-CEOs and
Managing Partners of Consilium, the wholesale and specialist
insurance and reinsurance broker that is part of the expansive
Aventum group. Aventum Group CEO David Bearman laid down a marker
back in Episode 82 almost two years ago and it’s worth
re-listening to that podcast to put this one into context:
https://www.thevoiceofinsurance.com/podcast/episode/33b1d9c1/ep-82-david-bearman-ceo-aventum-dont-walk-into-a-crowded-room
This encounter is a tour de force. Whilst both James and Paul
have worked together for most of their long careers they are
relatively new arrivals to the Aventum fold. But you wouldn’t
know from listening in here – the two are brimming with
enthusiasm for their new home. Consilium already places $500mn of
Gross Written Premium and has incredibly ambitious growth
targets, but what is refreshing is that we aren’t talking about a
familiar tale of private Equity backing, debt leverage, M&A
and exit multiples. Here we are only using those terms to define
what Consilium isn’t. And that’s what’s so fascinating. Consilium
is a young broker with an average age way below that of these two
interviewees and this interviewer. It has a progressive mindset
on the application of tech in broking, much of which it develops
in-house, yet in other ways it is incredibly traditional, balking
at debt leverage, external equity investment and M&A for
volume. The calculation here is that by growing organically
whatever it loses in leverage the broker wins culturally, because
it only hires people it feels will fit in and buy into the
intermediary’s more stable culture. It also banks on that solid
environment being a plus for customers who benefit from
continuity of service. It’s definitely different. And with 30%
organic growth on the cards, it certainly seems to be doing
something right! Listen on for a really interesting and
refreshing encounter. James speaks first. NOTES: Some
Abbreviations. GL is General Liability and the ULR and ILR are
respectively the Ultimate and Incurred Loss Ratios. LINKS We
thank our naming sponsor AdvantageGo:
https://www.advantagego.com/