With leadership overhaul, Aon eyes growth in legacy reinsurance
Global re/insurance broker Aon is enhancing its focus and capabilities around legacy reinsurance business with a new leadership line-up as it looks to take advantage of the attractive opportunities seen in the market.
The company has announced new leadership roles within the ReSolutions structured finance team of its Capital Advisory unit in Reinsurance Solutions to augment global legacy capabilities and attract more capital to the legacy and structured casualty marketplace.
Over the past several years, new capital has come to the legacy market in line with strong demand for legacy products; according to Aon estimates, capital supporting dedicated legacy specialists has exceeded $21 billion in 2022 – an increase from $6 billion in 2016.
Aon says it has seen an increase in demand for legacy reserve transfers due to motivated sellers, an experienced marketplace, growth in available capital to buy legacy liabilities and increased competition in the recent years. It believes legacy reserve transfers can represent an efficient capital management tool that re/insurer clients use for transfers for many reasons, including to help transition a change in leadership, succession planning, driving operational efficiency and reducing volatility of results.
In order to better leverage the opportunities in legacy business, Aon has made key changes to its ReSolutions structured finance leadership team. Sherman Power has been named global head of innovation for ReSolutions, while retaining his role as head of ReSolutions US.
Barry Gale has been named global head of legacy for ReSolutions. Gale was formerly head of legacy for London Capital Advisory.
Steve Wallace has been named head of business development for ReSolutions, and will continue to lead business development for the wider Capital Advisory function.
Dustin Loeffler has been named US head of legacy for ReSolutions, and will also drive legacy deal execution in the US.
Kelly Superczynski, global head of Capital Advisory, said: “Through its Capital Advisory function, Aon has established a global team of experts dedicated to improving access to capital for clients and supporting the development of innovative solutions that address the myriad challenges facing our industry. Our global ReSolutions team collaborates across geographies and works with colleagues in the wider Capital Advisory function to achieve the best legacy outcomes for our clients, helping them to make better business decisions, build resilience and reduce volatility.”
Eric Paire (pictured), international head of Capital Advisory, Aon, added: “Enhancing our focus and capabilities around legacy business in this way demonstrates Capital Advisory’s ability to bring together a global team to support our clients and their global portfolios in an area of need and opportunity. We are excited to help grow this sector while at the same time helping clients to rethink their access to legacy capital.”
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