Global insurance and reinsurance broker Aon has appointed Richard Pennay as Head of its insurance-linked securities (ILS) team, which is part of the company’s Aon Securities division.
In his new role, Pennay will be based in New York and reports to Paul Schultz, Chief Executive Officer (CEO) of Aon Securities.
As Head of the ILS team, Pennay will develop strategies to expand the ILS book of business, building on a record year of catastrophe bond issuance for the sector in 2021 and using his vast experience to bolster the team.
He joins Aon from Merion Square Capital LLC, an ILS fund manager which he co-founded and served as Managing Partner and President.
Pennay also co-founded Rewire Securities LLC, where he was Managing Partner and President. Earlier in his career, Pennay worked at Swiss Re Capital Markets, part of the global reinsurer, as a Director.
Commenting on the appointment, Schultz said: “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.”
