Bill Penn is moving to the role of chairman after six years of leading the practice.
The deal covers a diversified mix of global casualty and professional lines.
Joachim Wenning pointed to opportunities for profitable growth in the improved market environment.
The majority of these claims come from losses related to business interruption.
The start-up will use the funds to scale operations across Europe and expand into North America.
The executive has spent the last 23 years at AIG where he held the position of global claim officer.
The new hires will support the expansion of Aon's capital management advisory capabilities in London and Bermuda.
The company looks to expand its products and programmes offerings for brokers.
The insurers have filed pleadings in the Federal Court to seek clarity on COVID-19 BI policy issues left unresolved in the first test case.
Chairman Sid Sankaran says the company is looking at ways to 'grow intelligently' post-merger.