Consilium opens Cayman office | Insurance Business America

Re/insurance broker Consilium has announced the establishment of a new office in the Cayman Islands.

To spearhead the expansion, the company has appointed Yaremis Hydes (pictured above), a seasoned insurance professional with over 17 years of experience, as managing partner.

Hydes, a native Caymanian, will join Consilium after completing her tenure at Aon, where she has served as a director of its Cayman operations for seven years. Her expertise lies in property & casualty and employee benefits.

The new office in Cayman represents a strategic move for Consilium, offering direct access to both the local insurance market and additional capacity through connections to the London and European insurance markets.

For this new location, the broker aims to focus on sectors such as financial and professional lines, construction, residential strata, commercial property, group medical, and ancillary benefits in the region.

Consilium, which obtained its Cayman license in July 2023, plans to expand the office to a team of five by the end of 2024. The company intends to recruit further as needed to maintain what it considers industry-leading customer experience and service.

James Baird, joint CEO of Consilium, commented on the significance of the Cayman office, highlighting the region’s thriving economy and its status as a sophisticated market for financial and professional services.

“The insurance industry in Cayman has and is traditionally a captive management market dominated by the big global brokers and a few other specialists focused on this sector,” Baird said. “In more recent times we have seen consolidation of the limited number of insurance broking businesses meaning there is less choice for the client base. This presents a significant opportunity and makes Cayman a great jurisdiction for Consilium to put boots on the ground. We are bringing the London and European insurance market closer to Cayman clients alongside the insurers in the region, in a strategic and collaborative way under the Consilium brand.”

What are your thoughts on this story? Please feel free to share your comments below.