Aon has introduced a key change in its insurance-linked securities (ILS) and funding banking enterprise management, as Richard Pennay has been named the brand new CEO of Aon Securities and Paul Schultz strikes to develop into International Vice Chair of Reinsurance on the firm.
Paul Schultz has led the Aon Securities operation for 20 years, wherein time the corporate has developed a major footprint within the disaster bond and broader ILS market, as a key broker-dealer, structurer, arranger, and bookrunner of offers.
In his new place at Aon, Schultz will work with Andy Marcell, CEO of Threat Capital and Reinsurance Options on methods that purpose to “additional increase capability out there to shoppers together with the additional improvement of Aon’s Marilla facility and the expansion of third get together capital sources,” the corporate stated.
Richard Pennay, at the moment the CEO of Insurance coverage-Linked Securities (ILS) for Aon Securities, is about to develop into CEO of Aon Securities, additionally reporting to Marcell.
Pennay and Schultz will proceed to collaborate on rising and delivering capital to Aon shoppers, serving to them to optimise their danger switch packages.
Marcell commented, “Beneath Paul’s in depth and devoted management, Aon Securities has develop into a real pioneer in its market.
“The workforce has not solely helped to develop the ILS market, however has been a major drive in increasing ILS capital from a number of billion {dollars} at its inception, to the nicely over $100 billion we see within the market in the present day.”
In his tenure main Aon Securities, Schultz has been a driving-force in rising the ILS market and has constructed the biggest world ILS broker-dealer workforce, with greater than 30 members serving Aon shoppers throughout the U.S., UK, Eire, Australia and Japan.
Beneath his management, Aon Securities has positioned 250 disaster bonds representing greater than $65 billion of issuance quantity.
The Aon Securities workforce has additionally been a key driver for cat bond and ILS market innovation, together with by means of new perils, structural innovation and deal options that profit each cedents and traders.
