Schultz, in his new role, will collaborate with Andy Marcell, Aon’s CEO of risk capital and reinsurance solutions, to develop strategies aimed at enhancing capacity for clients. This will include furthering the growth of Aon’s Marilla facility and expanding third-party capital sources, according to the company.
Over the last two decades, Schultz led Aon Securities. During this time, he helped broaden the insurance-linked securities (ILS) market into new regions and perils.
Notably, Aon Securities launched cyber catastrophe bonds over the past year.
Pennay, who currently serves as CEO of ILS at Aon Securities, will assume the role of CEO of Aon Securities, reporting to Marcell. Schultz and Pennay will continue to work together, focusing on delivering capital solutions to clients to help them optimize their risk transfer strategies.
Earlier this month, the global firm also announced the appointment of Alejandro Padilla Mariscal as the new managing director of Consulting and Science Reinsurance Solutions for Latin America.
In this role, Padilla will oversee the catastrophe modeling firm ERN Evaluación de Riesgos Naturales, which Aon acquired two years ago. He will also lead Aon’s consulting practice in the region, which has played a key role in delivering natural risk management solutions.
Aon noted that Padilla’s appointment comes at a time when climate change and emerging risks are reshaping the insurance landscape. The brokerage said that his background in reinsurance brokerage and business development will be integral to advancing modeling solutions for secondary risks and parametric structures across Latin America.
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