Andy Marcell, Deputy CEO of global broking group Aon, explained on the company’s recent earnings call that solid organic revenue growth at Reinsurance Solutions is both a risk capital and diversification story, supported by the team’s commitment to innovation.
Aon’s Reinsurance Solutions division recorded 7% organic revenue growth in the third quarter of 2026, which followed 5% organic growth in the second quarter, and 4% organic growth in the first quarter of the year.
In light of the strong growth, an analyst questioned Aon leaders on the broker’s third quarter earnings call on what’s driving the organic growth in reinsurance, and how things might play out in 2027 given an expectation of further softening at the renewals.
“The reinsurance story, it’s a risk capital story, and it’s a diversification story,” said Marcell.
From a risk capital standpoint, Marcell highlighted two examples. “One would be our global FAC platform in partnership with Commercial Risk, driving double-digit growth internationally, which has been a superb success, long-lasting, and we see a great future in that.
“And then I think about digital infrastructure, partnering with the carriers, alternative capital, to bring solutions to clients on the commercial risk side, and that’s been tremendously exciting.”
In terms of diversification, Marcell emphasised that, at Aon, reinsurance has always been about leaning into innovation.
“And sure, we have great success and great teams with our treaty business. We have a lot of new wins, particularly in the MGA space. But it’s a story about diversification,” he said. “We’ve been leading with Capital Advisory and Aon Securities, the capital formations at Lloyd’s with the reshare deals, or the sidecars that we’ve been involved in. That’s accelerating. Our cat bond business remains the leading cat bond business globally, and we’re having tremendous success there.”
Additionally, explained Marcell, Aon knew it needed to diversify away from straight-up transactional business, resulting in the firm leaning into the formation of the strategy and technology group several years ago.
“We’re leading there with advice to P&C insurers around strategy and analytics, and actuarial services. But also broadening out with our proprietary PathWise tool, leaning into the life space, which is a growing part of our business. And that’s really differentiating us amongst competitors in the life advisory space.
“So, overall, it’s a diversification thing that’s driving, and it sets us up through the cycles. Yes, the market’s soft, but I think it sets us up for single mid-digit growth or greater, through the cycle.”
