Aon’s Reinsurance Options division has introduced the hiring of Robert O’Connell as World Cyber Technique and Development Chief, Govt Managing Director, a job that may see him tasked with main on delivering worth to cyber purchasers, together with by means of the usage of cyber insurance-linked securities (ILS).
On this function, O’Connell will probably be tasked with main Aon’s efforts to ship worth to Reinsurance Options’ cyber purchasers and buying and selling companions by means of modern threat structuring, together with the usage of cyber disaster bonds and insurance-linked securities (ILS) options.
As well as, offering broader entry to insurance coverage and reinsurance, in addition to the capital markets, plus bespoke portfolio advisory companies, and enhanced threat understanding by means of analytics, information science and analysis capabilities, are beneath his remit.
O’Connell will probably be primarily based in New York for Aon, reporting to Randy Stanco, U.S. strategic enterprise chief for Reinsurance Options.
He joins Aon after serving as CEO of Bermuda-based Cyber Re Restricted and Platform Labs, companies that specialised in cyber underwriting, information science and analytics. Beforehand, O’Connell was the World Cyber Observe Chief at Odyssey Group, earlier than which he spent 6 years at Chubb.
Together with hiring O’Connell, Aon mentioned that Platform Labs will switch possession of its mental property portfolio, that consists of a number of cyber-related information science applied sciences and provisional patent functions registered with the US Patent and Trademark Workplace.
O’Connell will work alongside Aon’s cyber analytics management workforce to combine this new expertise, with a aim to boost Aon’s service capabilities and worth proposition for its purchasers and world buying and selling companions.
Stanco commented on the information, “Rob’s intensive expertise each within the cyber sector and threat switch – from major underwriting to ILS and reinsurance – brings a singular perspective. This can speed up Aon’s cyber product growth and sourcing of capital on this quickly rising line of enterprise. We’re excited to see the worth Rob will ship as he works collaboratively with our world broking and cyber analytics groups to additional improve our capabilities and assist form higher enterprise choices for purchasers.”
Andy Marcell, CEO of Danger Capital at Aon, additionally mentioned, “With our dedication to investing in modern options and prime trade expertise, we’re persevering with to assist our purchasers navigate the complicated and evolving cyber threat panorama, delivering the insights and worth they require to deal with probably the most urgent cyber challenges.”
Aon groups had been behind the primary 144A cyber disaster bond, the $75 million Long Walk Reinsurance Ltd. (Series 2024-1) deal issued for sponsor AXIS Capital.
The dealer additionally structured and positioned insurer Chubb’s first cyber disaster bond, the $150 million East Lane Re VII Ltd. (Series 2024-1) deal.
Examine each cyber cat bond transaction issued up to now, together with the primary personal cat bond offers and the newer 144A cyber cat bond issuances, by filtering our Deal Directory by peril to view only cyber cat bond transactions.
