Aon lands former Swiss Re/Merion leader to grow ILS business

Re/insurance broker  Aon has hired a former Swiss Re/Merion senior executive as it sees a huge opportunity to further drive growth in the insurance-linked securities (ILS) sector.

Richard Pennay (pictured) has been appointed head of Aon Securities’ ILS team.

In this role, Pennay will formulate strategies to grow Aon's ILS book of business, building on a record year of catastrophe bond issuance for the sector in 2021 and using his previous experience to further strengthen the team.

Based in New York, Pennay will report to Paul Schultz, chief executive officer of Aon Securities.

Pennay joins Aon from ILS fund manager Merion Square Capital, which he co-founded and served as managing partner and president. He also co-founded Rewire Securities, where he was managing partner and president. Previously, Pennay was a director at Swiss Re Capital Markets.

“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,” said Schultz.

“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.”

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