It’s no secret that Formula 1 is a rich person’s sport. Starting from karting to the feeder series, every driver’s sponsors – usually their parents or guardians – invest thousands of dollars. Considering how limited F1 is as a sport, there’s also very little guarantee that every driver in the pipeline will eventually make it to the premier class. Yet, the lure of F1 makes many try their luck because once you make it to F1, you’ve made it! And it looks like Oliver Bearman may have just gotten a shoo-in!

The thing about F1 is that even one race in the circus can change a driver’s life, but not many get this opportunity. However, ever so often, drivers like Oliver Bearman show so much promise that – with a little bit of luck – they secure a drive. And it’s all worth it. The newest kid on the block is surely making headlines, but before he becomes the star of the show, let’s take a look at one of his biggest cheerleaders, his father, David Bearman, one of the wealthiest fathers of a driver on the Saudi Arabian Grands Prix grid.

What does the father of Oliver Bearman do?

Oliver Bearman has had a meteoric rise in motorsport, racing full-time in F2 this season. But he wouldn’t have been the prodigy he’s proven to be without a little help from his family. There’s little doubt that David Bearman would’ve had to spend a considerable amount on his son’s career so far. However, for David, it was probably a chump change, as he is the CEO of Aventum Group, which collectively controls over $1.5bn of gross written premium.

He started this initiative in 1996 when the company was called Direct Insurance. He led his company into the highly competitive insurance world from a rented office in East London. His company made a mark with specialty insurance, which is in the high-risk segment of the market. Soon, they became the go-to for the Asbestos and Recycling industries.

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Then came the expansion into the wholesale insurance space after suffering from years of poor service. In 2005, they launched their first-ever insurance scheme, which became the launch pad for Consilium Insurance Brokers. The Aventum Group has since launched multiple niche global (re)insurance and broking businesses.

Apart from their massive portfolio, the Aventum Group also boasts an EBITDA of $31 million. These numbers have put Aventum on the Insurance Business’ Global 100 list. After their rebranding to the Aventum Group, they received a lot of attention. Speaking with the Insurance Business Magazine, Bearman Sr. revealed how he was surprised by the attention while highlighting the company ethos.

In the May 24, 2022, edition, he said, “We’re a business that’s quietly going about building a successful entity. So probably the key part to the recognition is we’ve built something that’s authentic, and taken the time to do so with a great team of people. And part of that process was the rebranding and the unveiling to the world of the group back in May of last year.”

He discussed the company’s inception in the earlier edition, highlighting its core values and humble approach. “We didn’t have any preconceived ideas. We just knew we needed to work hard at it. We’re a service-driven business, and that was obviously the core of the business and always has been.”

Keeping your head down and putting in the work does pay off. He might’ve just transferred the same ethics to his son, considering no racing driver can make it to F1 without a solid foundation and discipline. However, no matter what, he’s a proud father, and he highlighted that with his comments about Oliver after qualifying at the Saudi Arabian GP.

David Bearman is a proud father

After Carlos Sainz was ruled out of the second race of 2024, Ferrari called up Oliver Bearman to fill in for the Spaniard. From staying by their son’s side throughout his racing career to watching him drive in the pinnacle of motorsport, what parent wouldn’t be proud? David Bearman showcased just that with a LinkedIn post, writing, “It’s not all about insurance.” If that wasn’t enough, he also shared his feelings with Sky Sports after qualifying.

His 18-year-old son became the youngest person in Ferrari’s 74-year history in the sport to drive for the Scuderia. In his first competitive outing in F1, the Brit qualified in P11, only just missing out on Q3. And considering he stepped into the SF-24 at the Jeddah Corniche Circuit – the fastest street circuit on the calendar – it was all the more impressive. But for David, understandably, it was a “little bit stressful as you can imagine.”

However, once Oliver was out of the car scot-free and having secured himself a great chance for the race on Saturday – which even impressed some F1 veterans – there was nothing but pride. “Extremely proud. He did an awesome job,” said David to summarize the qualifying session. That being said, the big test comes later as the prodigy will compete in his first F1 race, hoping to prove he’s got what it takes in the big leagues.

When asked about his expectations for the race, David Bearman had the perfect reply. He said, “Just enjoy it. There really is no expectation.” The youngster has nothing to lose and everything to gain, and let’s hope he does. We can’t wait to see the teenager’s result in the race. Maybe he can put his name in the mix for the 2025 silly season. An exciting race coming up!

Alongside Oliver Bearman, Here Are the 15 F1 Reserve Drivers Set To Drive in 2024