1 minute read
Consilium
The final quarter of 2022 saw an operational review within Consilium and a new staffing structure announced - going live on 1st January 2023. To align with this change, new job descriptions will be issued on 1st February 2023 as part of the ongoing planning and restructuring process.
The recent Consilium Heads Away Day on 30th November resulted in more cross-selling opportunities as the team is now better connected. Additionally, we are currently reviewing the staff required for secondment to Rokstone Europe to trade EEA business compliantly.
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We are also engaged more with Compliance, gaining clarification around Brexit and are working with Projects for an improved understanding of the systems used for DUA business. To fill any gaps in the team, we are currently in the process of hiring eight new team members in the coming weeks and months.
Focusing on several key areas to improve our broking functions, one priority is to ensure senior colleagues have access to accurate data that they can use to prove budgets and run reports as needed.
Aura ended 2022 having written $18.5m in GWP through various classes and products. To highlight the strength of Aura’s underwriting and as a direct reflection of the quality portfolio, Aura incurred no claims from Hurricane Fiona after hitting our two main islands in Turks & Caicos and Puerto Rico. Furthermore, we are proud to continue our special claims performance with an attritional loss ratio of 0.5%.
The global (re)insurance market faces the most testing environments in recent history. Persistent, outsized catastrophes and major economic and geopolitical events have led to substantial uncertainty and volatility in the market. Aura has successfully renewed its CAT Caribbean binder, despite an erosion of capital in the market and at a time when many have been non-renewed.
In the face of difficult conditions and capacity constraints imposed on us in 2022, there is a significant opportunity for an established book such as Aura to capitalise on momentous price increases for 2023.
