Aon has appointed Richard Pennay as head of Aon Securities’ insurance-linked securities (ILS) team, based in New York.
Aon Securities provides underwriting and placement of debt and equity issues, as well as catastrophe management and reinsurance modelling tools, ILS transactions, mergers and acquisitions transactions, sidecar structuring, and strategy consulting in risk, markets and capital.
In his new role, Pennay will report to CEO of Aon Securities, Paul Schultz.
He will be responsible for creating strategies to grow Aon’s ILS book of business following a record year of catastrophe bond issuance in 2021.
Pennay previously served as managing partner and president of Merion Square Capital, an ILS fund manager specialising in property and casualty insurance and reinsurance which he also co-founded. Before this, he also co-founded Rewire Securities and held the position of director at Swiss Re Capital Markets.
Commenting on the appointment, Schultz says: “There is a huge opportunity to further drive ILS sector growth with the momentum we have seen in 2021, by bringing alternative capital solutions to a wider range of sponsors and investors.”
“Richard’s career experience, gained both at mature firms and in establishing his own operations, will complement our existing team. His insights and skills will also benefit our clients as we look to expand our offering into more areas of client need, helping them to reduce volatility, access capital and grow their businesses.”
