Aon appoints Schultz Vice Chair of Reinsurance Solutions, Pennay named CEO of Aon Securities
- October 28, 2025
- Posted by: Luke Gallin
- Category: Insurance
Global insurance and reinsurance broking group Aon has appointed Paul Schultz as Vice Chair of its Reinsurance Solutions arm, with Richard Pennay taking over as Chief Executive Officer (CEO) of Aon Securities, the firm’s capital markets and insurance-linked securities (ILS) specialist division.
Over the past two decades, Schultz led the Aon Securities team as the unit solidified its position as a leader in the ILS sector. During this time, the ILS space has expanded into new regions and perils, and Schultz has played a key role in helping the alternative capital segment grow.
During his tenure as CEO, Aon Securities placed 250 catastrophe bond transactions with a combined issuance volume of more than $65 billion. Today, Aon Securities has over 30 colleagues, and serves clients across the UK, US, Ireland, Australia, and Japan.
“Under Paul’s extensive and dedicated leadership, Aon Securities has become a true pioneer in its marketplace,” said Andy Marcell, CEO of Risk Capital and Reinsurance Solutions. “The team has not only helped to develop the ILS market, but has been a significant force in expanding ILS capital from several billion dollars at its inception, to the well over $100 billion we see in the marketplace today.”
In his new role as Vice Chair of Aon’s Reinsurance Solutions, Schultz will work with Marcell on strategies that further augment capacity available to clients. This includes the continued development of Aon’s Marilla facility and the growth of third party capital sources, explains the firm.
Taking over from Schultz as head of Aon Securities is Pennay, who has served as CEO of ILS for the unit since December 2021. He will report to Marcell and will continue to collaborate with Schultz on increasing and delivering capital to clients to assist with the optimisation of their risk transfer programmes.
This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.
