Aon appoints new vice chair or reinsurance solutions

Aon has named Paul Schultz as global vice chair of Reinsurance Solutions.

In his new role, Schultz will work with Andy Marcell, chief executive of Risk Capital and Reinsurance Solutions at Aon, on strategies that further augment capacity available to clients including the further development of Aon’s Marilla facility and the growth of third party capital sources.

At the same time, Richard Pennay, chief executive of Insurance-Linked Securities (ILS) for Aon Securities, will become chief executive of Aon Securities, reporting to Marcell. Schultz will continue to collaborate with Pennay on increasing and delivering capital to clients to help them to optimize their risk transfer programs.

Over the past 20 years, Schultz successfully led the Aon Securities team to consistently retain its number one position in the insurance-linked securities sector, while at the same time helping to grow ILS more broadly across new regions and new perils – evidenced by initiatives such as the pioneering cyber catastrophe bonds launched over the past 12 months.

During his tenure, Aon Securities placed 250 catastrophe bonds representing more than $65 billion of issuance volume. Following two decades of steady growth, the ILS sector has just seen a record annual period of issuance, with $17.9 billion of catastrophe bonds launched in the 12 months to June 30 across 76 transactions.

Marcell said: “Under Paul’s extensive and dedicated leadership, Aon Securities has become a true pioneer in its marketplace. The team has not only helped to develop the ILS market, but has been a significant force in expanding ILS capital from several billion dollars at its inception, to the well over $100 billion we see in the marketplace today.”

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