Richard Pennay – CEO of Insurance-Linked Securities, Aon Securities
Richard Pennay as Head of its insurance-linked securities (ILS) team, which is part of the company’s Aon Securities division. In his new role, Pennay will be based in New York and reports to Paul Schultz, Chief Executive Officer (CEO) of Aon Securities.
As Head of the ILS team, Pennay will develop strategies to expand the ILS book of business, building on a record year of catastrophe bond issuance for the sector in 2021 and using his vast experience to bolster the team.
He joins Aon from Merion Square Capital LLC, an ILS fund manager which he co-founded and served as Managing Partner and President.
Pennay also co-founded Rewire Securities LLC, where he was Managing Partner and President. Earlier in his career, Pennay worked at Swiss Re Capital Markets, part of the global reinsurer, as a Director.
ILS market remains a significant capital source for reinsurers in 2024. Alternative capital estemated at $110 bn, with the catastrophe bond market growing to $45 bn
In 2024, global reinsurer capital, including both alternative and traditional sources, has reached peak levels. Reinsurer capital stood at $695 bn as of mid-2024, marking a $25 bn increase
Insurance-Linked Securities Overview. Insurers and reinsurers leveraged alternative capital in 2023 more than any year in the history of the (re)insurance market
Global Reinsurance market conditions since 1/1 have continued to move in favor of reinsurance buyers. Reinsurance renewals at April 1 consolidated the progress made at 1/1