Aon names Schultz as global vice chair of reinsurance

Aon has named Paul Schultz (pictured at the Monte Carlo RVS 2024) as the global vice chair of its ‘Reinsurance Solutions’ arm.

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.

This includes the further development of Aon’s Marilla facility and the growth of third party capital sources, the reinsurance broker said.

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 optimise their risk transfer programmes, the broker said.

Schultz has led the Aon Securities team for 20 years, the broker said, crediting it as holding a “number one position in the IL sector”, and growing ILS across new regions and new perils.

Aon said this was 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 $65bn of issuance volume.

Over the past two decades, Aon Securities has built the largest global ILS team, with more than 30 colleagues serving clients across the US, UK, Ireland, Australia and Japan.

Following two decades of steady growth, the ILS sector has just seen a record annual period of issuance, with $17.9bn of cat bonds launched in the 12 months to 30 June 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 $100bn we see in the marketplace today.”