LONDON, Oct. 3, 2024 - Aon plc (NYSE: AON), a leading global professional services firm, today named Paul Schultz as global Vice Chair of Reinsurance Solutions.

In his new role, Schultz will work with Andy Marcell, CEO of Risk Capital and Reinsurance Solutions at Aon, on strategies that further augment capacity available to clients including the further development of Aon’s Marilla facility and the growth of third party capital sources.

At the same time, Richard Pennay, CEO of Insurance-Linked Securities (ILS) for Aon Securities, will become CEO of Aon Securities, reporting to Marcell. Schultz will continue to collaborate with Pennay on increasing and delivering capital to clients to help them to optimize their risk transfer programs.

Over the past 20 years, Schultz successfully led the Aon Securities team to consistently retain its number one position in the insurance-linked securities sector, while at the same time helping to grow ILS more broadly across new regions and new perils – evidenced by initiatives such as the pioneering cyber catastrophe bonds launched over the past 12 months.

During his tenure, Aon Securities placed 250 catastrophe bonds representing more than $65B of issuance volume. Following two decades of steady growth, the ILS sector has just seen a record annual period of issuance, with $17.9B of catastrophe bonds launched in the 12 months to June 30 across 76 transactions.

Marcell said: “Under Paul’s extensive and dedicated leadership, Aon Securities has become a true pioneer in its marketplace. The team has not only helped to develop the ILS market, but has been a significant force in expanding ILS capital from several billion dollars at its inception, to the well over $100 billion we see in the marketplace today.”

Over the past two decades, Aon Securities has built the largest global ILS team, with more than 30 colleagues serving clients across the U.S., UK, Ireland, Australia and Japan, further positioning the team and wider firm for strong and continued growth.

For a comprehensive overview of the current dynamics in the insurance-linked securities sector, Aon Securities ILS Annual Report – September 2024, is available at https://www.aon.com/getmedia/154b74d4-b861-45a5-a14c-bc258c88d19f/20240830-ils-annual-report-2024.pdf

For more information about Aon’s Reinsurance Solutions, visit: https://www.aon.com/home/solutions/reinsurance.html

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