People Moves: Arch Insurance Int’l Promotes Brooks to Lead Fine Art & Specie; Aon Names Schultz Vice Chair of Reinsurance, Pennay Becomes CEO of Aon Securities
This edition of International People Moves details appointments at Arch International Insurance and Aon.
A summary of these new hires follows here.
Arch Insurance International Promotes Brooks to Head of Fine Art & Specie
Arch Insurance International announced the promotion of Peter Brooks to the position of global head of Fine Art & Specie.
In this new role, Brooks will be responsible for managing Arch’s London Market Fine Art & Specie insurance portfolio and working across all of Arch Insurance’s underwriting platforms to expand its global presence in the sector. Based in London, he reports to James Croome, active underwriter Syndicate 2012 and head of Cargo & Specie.
Most recently, Brooks was a senior underwriter, Fine Art & Specie at Arch, having joined the company in 2020. He has considerable experience in the specialist sector, having previously held underwriting roles at Liberty Specialty Markets and W/R/B Underwriting.
Aon Names Schultz as Global Vice Chair of Reinsurance, Pennay Named CEO of Aon Securities
Aon plc, the global professional services firm, named Paul Schultz as global vice chair of Reinsurance Solutions.
In his new role, Schultz will work with Andy Marcell, CEO of Risk Capital and Reinsurance Solutions at Aon, on strategies that further augment capacity available to clients including the further development of Aon’s Marilla facility and the growth of third party capital sources.
At the same time, Richard Pennay, CEO of Insurance-Linked Securities (ILS) for Aon Securities, will become CEO of Aon Securities, reporting to Marcell. Schultz will continue to collaborate with Pennay on increasing and delivering capital to clients to help them to optimize their risk transfer programs.
Over the past 20 years, Schultz successfully led the Aon Securities team to consistently retain its number one position in the insurance-linked securities sector, while at the same time helping to grow ILS more broadly across new regions and new perils – evidenced by initiatives such as the pioneering cyber catastrophe bonds launched over the past 12 months.
During his tenure, Aon Securities placed 250 catastrophe bonds representing more than $65 billion of issuance volume. Following two decades of steady growth, the ILS sector has just seen a record annual period of issuance, with $17.9 billion of catastrophe bonds launched in the 12 months to June 30 across 76 transactions.
“Under Paul’s extensive and dedicated leadership, Aon Securities has become a true pioneer in its marketplace. 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,” said Marcell.