Tom Abbotts Spearheads Consilium’s Cyber Launch

We are thrilled to announce the launch of our latest service offering - in Cyber, Tech and Fintech. This exciting development marks a significant milestone in the Consilium journey as we continue to expand our offerings to cater to the evolving needs of our clients. This is exemplified by the addition of Tom Abbotts as Associate Partner, who will lead the charge into these new lines.

Tom is a specialist in Cyber, Tech and Fintech insurance, with expertise in serving the risk transfer needs of clients, particularly in the financial services sector. Previously associated with Elmore Insurance Brokers as one of the founding members and leader of the Cyber, Technology and Fintech team, Tom brings a wealth of knowledge and experience to Consilium.

An increased prevalence of severe cyber-attacks, combined with a global gravitation towards remote working, recently resulted in increased risk exposures and firms incurring financial loss. However, cyber insurance premiums have begun to stabilise, and economic conditions improve. As a result, the demand for Cyber insurance is expected to grow, fuelled by greater levels of cyber security, lower tendencies to pay ransoms and increased competition among insurers. Consequently, the global Cyber insurance market is projected to grow from $16.7 billion in 2022 to $33.4 billion in 2027.

Tom will work closely with Consilium’s Financial Lines broking team, Professional & Executive Risk Solutions, focusing on serving direct clients in the UK and in major international finance centres (notably Channel Islands, Cayman Islands, and Europe) and our broking partner clients in the UK, USA, Australia, and Canada. We aim to work with our clients and broker partners to identify new opportunities worldwide and provide cyber specific risk management advice and insurance solutions.

Tom expressed his enthusiasm about joining Consilium, highlighting the significant advancements in the market and emphasising the increased awareness of the products and risks. He said,

Notably, the financial services sector presents a particularly vibrant landscape for Cyber insurance, driven by growing client demands and regulatory requirements. Tom believes that in the future, Cyber insurance could become as essential as Employer’s Liability in the UK. He said,

Paul Richards, co-CEO of Consilium, expressed his delight in welcoming Tom to the team. Recognising Tom’s expertise and knowledge in Cyber, Tech and Fintech, Paul emphasised Consilium’s ongoing success in attracting top-tier talent. He said,

We plan to invest further in expanding, both in terms of class and territory. Over time, Consilium envisions it becoming a vital complementary offering across all core lines of the business, enabling clients to benefit from a comprehensive solution.

The launch of Consilium’s Cyber, Tech and Fintech offering is an exciting step forward. The addition of Tom Abbotts, with his expertise and dedication to excellence, further strengthens our commitment to providing exceptional service to our clients. The future looks promising as we continue to evolve and innovate.