Aon hires new ILS head

Aon has appointed Richard Pennay as head of its insurance-linked securities (ILS) team.

Based in New York and reporting to Aon Securities CEO Paul Schultz, will lead a team that provides ILS solutions worldwide, including in Bermuda, with 20 offices with over 500 employees. In his new role, Pennay will formulate strategies to grow Aon’s ILS business, building on a record year of catastrophe bond issuance for the sector in 2021 and using his previous experience to strengthen the team.

Pennay joins Aon from Pennsylvania-based ILS fund manager Merion Square Capital LLC, which he co-founded and served as managing partner and president. He also co-founded boutique investment banking and advisory firm Rewire Securities LLC, where he was managing partner and president.

Previously, Pennay was a director at Swiss Re Capital Markets and worked for Swiss Re in Zurich and Australia as an underwriter.

“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,” Schultz said.

“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.”