Aon Announces New Leadership for Reinsurance in UK and Ireland team
AON announced a series of leadership appointments within its Reinsurance UK and Ireland team that will support the efficient delivery of solutions and services to clients.
Effective immediately, Andrew Buckland serves as chief operating officer, Charlie New serves as head of business strategy, Andrew Larkin serves as head of property, and Richard Evans serves as head of longtail and structured solutions. The leaders will report to Tom Murray, head of Reinsurance for the UK and Ireland, in addition to his position as co-leader of Aon’s Global ReSpecialty.
Andrew Buckland, chief operating officer – will oversee Reinsurance business operations for the UK and Ireland, including operational excellence, infrastructure and transformation initiatives and people development, supporting efficient and scalable delivery for clients and colleagues.
Charlie New, head of business strategy – will be responsible for shaping and executing strategic agenda for Reinsurance across the UK and Ireland, including growth initiatives, market positioning and key change programmes, ensuring close alignment with client needs and Aon’s global strategy.
Andrew Larkin, head of property – will lead Aon’s Reinsurance property business across the UK and Ireland, overseeing client strategy, market relationships and the development of tailored risk transfer and advisory solutions. He will maintain his current role as the head of Australia and New Zealand, leading the team that places treaty business from those territories into the London, European and Bermudian markets.
Richard Evans, head of longtail and structured solutions – will lead the longtail portfolio for the UK and Ireland, including motor and liability lines, with a focus on delivering insight-led, analytically driven solutions to address clients’ long-term and emerging risks, incorporating his role as head of structured solutions.
As head of Reinsurance for the UK and Ireland, Murray is responsible for the overall strategy, performance and growth of Aon’s reinsurance operations across the region. He will focus on bringing the full breadth of Aon’s capabilities to clients, strengthening collaboration across solution lines and driving innovation to meet evolving client needs.
“I’m delighted to work alongside such an immensely strong leadership team,” said Murray. “These leaders each bring their own unique deep expertise and a strong track record of delivering for clients. We will continue to focus on helping our clients navigate volatility, build resilience, and make better decisions that protect and grow their businesses.”
“These appointments really highlight the strength and depth of our UK and Ireland Reinsurance team,” said Andrew Laing, CEO of Reinsurance for the UK and chairman of global facultative for Aon. “This new leadership structure strengthens our ability to bring the best of Aon to clients across the UK and Ireland, enhancing our focus on growth, innovation and operational excellence.”
The new leadership structure demonstrates Aon’s ongoing commitment to invest in its UK and Ireland reinsurance platform and deliver integrated solutions that create measurable value for clients.
Record Reinsurance Capital Supports Growth and Innovation for Insurers, Aon Midyear 2026 Renewal Report
AON, a leading global professional services firm, has launched its its Reinsurance Market Dynamics Midyear 2026 Renewal Report , which reveals that record levels of reinsurance capital are creating greater flexibility for insurers as they seek tailored solutions to support growth, manage volatility and optimize capital through the market cycle.
Across the June 1 and July 1, 2026, reinsurance renewals, insurers achieved double-digit pricing reductions and improved terms and conditions on their property catastrophe reinsurance placements. Global reinsurance demand increased by more than 10 percent, driven by expanded reinsurer product offerings and stronger appetite from U.S. insurers to purchase additional protection at the top of programs.
“A stable, well-capitalized and competitive reinsurance market provides insurers with an opportunity to align capital more closely with their risk strategies while using analytics and insight to support long-term growth,” said George Attard, chief strategy officer, Reinsurance, Aon.
The report reveals that global reinsurance capital reached a record $790 billion as of March 31, 2026, largely driven by continued growth in alternative capital. Capacity was plentiful and more than adequate to meet increased demand, particularly in the U.S., while insurers in Latin America and Australia/New Zealand also benefited from fewer constraints and ample capacity for placements.
The midyear renewals also demonstrated a continued shift towards more customized and creative reinsurance solutions. Investments in data quality, analytics and artificial intelligence are helping expand capacity, strengthen reinsurer confidence and support better outcomes for insurers. Reinsurers were also more open to flexible structures and expanded products – including aggregate covers and earnings protection – while Aon continued to innovate with high-efficiency frequency catastrophe covers.
Aon’s renewals report highlights that reinsurers’ underwriting results have remained strong, with an average first quarter return on equity of 14.1 percent, well above the average cost of equity. With a strong El Niño weather pattern expected to suppress Atlantic hurricane activity in 2026, most reinsurers are well placed to comfortably exceed their cost of capital this year.
“As the industry navigates geopolitical uncertainty, evolving exposures and shifting market cycles, insurers will need to remain agile as they assess emerging risks and opportunities across regions and lines of business,” said Alfonso Valera, international CEO, Reinsurance, Aon. “The ability to adapt to changing conditions while maintaining strategic focus will be increasingly important in the years ahead.”
The report notes that market dynamics are driving increased focus on cycle management, innovation and M&A as insurers maintain core retentions while exploring buy-downs and frequency covers.
The ongoing conflict in the Middle East had no direct effect on mid-year reinsurance renewals; however, specialty coverages including marine, war, terrorism and political violence remain directly exposed to geopolitical developments, with any changes to reinsurance terms and conditions more likely to emerge at January renewals when the impact is better understood and the majority of subject treaties renew.
“Cycle management is becoming an increasingly important strategic priority for insurers as they balance pricing discipline with sustainable growth,” said Steve Hofmann, Americas CEO, Reinsurance, Aon. “Leading firms are evaluating a broader range of capital solutions to reduce earnings volatility, improve capital efficiency and support growth, including facultative solutions, proportional reinsurance, multi-year arrangements and legacy transactions.”
If loss activity remains within expectations through the remainder of the year, Aon expects reinsurers to provide greater flexibility in structures, coverage and retentions heading into 2027. For insurers, better data, analytics and AI-enabled insight are creating new opportunities for more efficient, customized solutions and help organizations make better decisions across complex market cycles.
To read the full Reinsurance Market Dynamics Midyear 2026 Renewal Report, please follow the link: Reinsurance-Market-Dynamics-2026-Midyear-Report.pdf
Lemonade Renews Reinsurance Program, Improving Costs, Coverage, and Capital Efficiency
Lemonade, Inc. (NYSE: LMND), the digital insurance company powered by AI and social impact, announced the renewal of its reinsurance program, effective July 1, 2026.
Lemonade renegotiated the program to retain more of the economics from its growing business, while expanding protection against catastrophes and major weather events.
Under the renewed quota share agreements, Lemonade expects to cede approximately 18% of premium to reinsurers, down from approximately 20% previously. Lemonade will retain a larger share of the business’s growing gross profit.
At the same time, the program increases coverage for higher-volatility and catastrophe-exposed risks, including additional tail catastrophe protection. Lemonade believes the economics of the renewed program are more attractive than those of the expiring treaty.
The program continues to cover Lemonade’s global business. One new reinsurer is joining Lemonade’s primary quota share panel alongside existing partners, broadening the company’s reinsurance support.
“This renewal improves Lemonade’s reinsurance economics, coverage, and capital efficiency at the same time,” said Tim Bixby, CFO of Lemonade. “We are retaining more premium, adding protection against the volatility that matters most, and doing so on terms that are attractive on a risk-adjusted basis.”
As part of the renewal, Lemonade also expects to update its ancillary reinsurance programs, including allowing its Property Per Risk (PPR) coverage to expire while expanding its European catastrophe excess of loss (XOL) program. The renewed program is expected to be in effect for a standard 12-month term.
Aon Appoints George Attard Global Head of Analytics for Reinsurance
AON, a leading global professional services firm, has announced George Attard has been named global head of analytics for Reinsurance Solutions, in addition to his role as chief strategy officer for Reinsurance Solutions. The appointment reinforces the firm’s commitment to delivering differentiated value to insurer clients through the integration of analytics and strategy across its reinsurance business.
In his expanded role, Attard will accelerate the development and utilization of Aon’s reinsurance analytics capabilities to help insurers navigate volatility, optimize capital and make better decisions through the market cycle to drive performance. Building on his track record of integrating strategy, analytics and execution in client‑facing leadership roles, Attard will further unite Aon’s data, technology and more than 1,000 reinsurance analytics colleagues to accelerate Aon’s innovation roadmap.
“George brings a combination of strategic vision, deep actuarial expertise and a practical understanding of what our clients need in the evolving risk landscape,” said Andy Marcell, CEO of Global Solutions for Aon. “As we continue to invest in the next generation of analytics, George’s leadership will help us bring the full strength of Aon to our clients to manage even the most complex of exposures, facilitated by our Risk Capital structure, which allows Aon to deliver solutions seamlessly across Commercial Risk and Reinsurance.”
With this appointment, Paul Shedden will remain global head of Advanced Risk Analytics across all of the firm’s solution lines where he will continue to oversee Aon’s enterprise-wide analytics strategy and delivery. Shedden will work with Attard to drive innovation across Reinsurance Solutions’ analytics and broking capabilities while aligning to the firm’s broader analytics strategy and ensuring the solution line both contributes to and benefits from Aon’s wider capabilities.
“I am excited to expand my role and drive an integrated approach that aligns our reinsurance analytics and strategy to unlock differentiated value for our clients,” Attard said. “By continuing to invest in advanced analytics, AI and our people, Aon is enabling more resilient decision‑making and new opportunities to meet evolving client needs.”
In 2025 Aon launched its Risk Analytics Platform to provide clients with integrated hazard, exposure and loss data through a single interface. Aon is investing in next‑generation underwriting and portfolio analytics, which are set to launch later this year, and continues to develop capabilities such as its Impact Forecasting catastrophe models. These models continue to help re/insurers to assess and manage their natural catastrophe exposures; in 2025, according to Aon’s 2026 Climate and Catastrophe Insight report , global insured losses from natural hazards reached $127 billion.
Aon Names Nick Nudo as Reinsurance U.S. Casualty Leader
AON, a leading global professional services firm, named Nick Nudo as U.S. casualty segment leader for Reinsurance Solutions.
In this role, Nudo will be responsible for shaping Aon’s casualty reinsurance strategy, driving product innovation and aligning market insights with client needs across the casualty line of business. Having previously served as a Reinsurance Solutions senior managing director, Nudo brings more than 20 years’ re/insurance industry experience, across broking, underwriting and product development.
Steve Hofmann, Americas CEO for Reinsurance Solutions at Aon, said: “Nick has a proven track record at our firm for guiding strategic initiatives and driving product innovation. In his new role, his leadership skills and depth of experience will be instrumental in strengthening our market position, delivering exceptional value and shaping better decisions for our clients.”
Prior to joining Aon, Nudo spent nearly 15 years at reinsurer SCOR, where he held several leadership positions, including Chief Underwriting Officer of Reinsurance North America, and Chief Underwriting Officer of U.S. Treaty Operations.
Aon Names Mehmet Shukri as UK Reinsurance Client Services Leader
AON announced that Mehmet Shukri has been appointed head of UK Client Services for Aon’s Reinsurance Solutions, effective immediately. He previously served as the deputy head of UK Claims and Client Services for Aon’s Reinsurance Solutions.
Based in London and reporting to Steve Clark, global head of claims and client services advocacy, Shukri will accelerate client value in line with the firm’s global Reinsurance Solutions advocacy proposition, ensuring all Aon clients receive expert claims support.
Leonora Siccardi, chief claims officer for Reinsurance Solutions at Aon, said: “Our clients are placing increasing importance on claims and accounting services, for good reason. Mehmet’s appointment reflects our continued investment in leaders who are dedicated to delivering the best experience aligned to their needs, as well as developing new and innovative solutions in a challenging macroeconomic and geopolitical environment.”
Aon Promotes Amanda Lyons to Bermuda CEO of Reinsurance
Aon plc, a leading global professional services firm, announced that Amanda Lyons had been appointed CEO of Aon Reinsurance Solutions Limited in Bermuda, effective July 1 and subject to regulatory and immigration approvals.
Based in Bermuda, Lyons will drive the growth of Aon’s reinsurance platform on the island. As a proven global leader with extensive market relationships and strong product expertise, she will continue to increase strength across the firm’s solutions, resources and talent following its recent Bermuda appointments. Lyons will also remain as global product leader for Reinsurance Solutions.
Andy Marcell, Aon’s CEO of Risk Capital and Reinsurance said: “Amanda is one of our premier casualty brokers and will continue to serve her clients from the island. Her appointment reflects Aon’s commitment to the Bermuda market and to elevating our talent as we deliver career opportunities for colleagues. As highlighted at our recent Market World client event in Bermuda, we have an exciting opportunity to expand client opportunities across Risk Capital. In her new role, Amanda will collaborate closely with Nick Moore, CEO of Aon Bermuda Limited, to identify and deliver innovative access to capital for Aon’s clients.”
Gallagher Re – Reinsurance Market Report: Results for Full-Year 2024
This report provides in-depth analysis of the capital and profitability of the reinsurance industry, based on the Gallagher Reinsurance Index group of companies.
Key findings from this report
Global reinsurance dedicated capital totalled USD769 billion at full year 2024, an increase of 5.4% versus the restated full year 2023 base. Growth was driven by both the INDEX companies and non-life alternative capital.
Gallagher Re’s in-depth analysis of a subset of 16 reinsurers shows the reported combined ratio further improved to 86.8% (2023 FY: 87.3%). This was driven by a strong improvement in the underlying combined ratio to 93% (2023 FY: 96.0%).
The reported ROE remained strong at 17%, albeit lower than 19.5% at 2023 FY. Despite improved underlying underwriting profitability and higher running investment income, the underlying ROE remained stable at 13.9% due to headwinds outside P&C reinsurance. Without this, the underlying ROE would have been approximately 15%.
Reinsurers are well positioned to maintain strong profitability in 2025. Assuming a ‘normal’ level of natural catastrophe losses, we expect an underlying ROE of around 15% and a headline ROE of approximately 18-19%1. The California wildfires have resulted in substantial insured losses early in the year, but even if these losses prove to be incremental to annual Nat Cat budgets, reinsurers are well placed to deliver headline and underlying ROEs which are roughly double the industry’s cost of capital.
Reflecting the continued strong profitability, traditional reinsurance capital is on track to increase by 6% in 2025. Resilience of the reinsurance industry materially improved over the past three years, driven by significantly improved underlying profitability.
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Hurricane Milton Effect on Global (Re)Insurance Ratings Likely Limited
Hurricane Milton is not likely to affect credit for rated property/casualty (PC) insurers and global reinsurers given very strong capital levels, Fitch Ratings says. However, Florida property insurance specialists, which Fitch does not rate, are vulnerable to the extent the major hurricane generates losses in excess of reinsurance limits.Milton made landfall near Siesta Key, FL as a Category 3 hurricane and traveled across central Florida before moving off the east coast as a Category 1 storm. It has caused considerable economic and insured losses from high winds, substantial storm surge, heavy rainfall, tornadoes and flooding.We estimate Milton’s insured losses will range from $30 billion-$50 billion, the largest insured loss since Hurricane Ian (a strong Category 4) ravaged a similar path in 2022 and caused $60 billion of losses. Milton will be a 4Q and 2024 earnings event for large rated insurers with Florida exposure. The insurance losses will hit reinsurance attachment points, shifting a meaningful amount of losses to the reinsurance market, particularly from the Florida specialist companies with lower retentions.Ultimate losses will also depend on demand surge, as Milton follows closely on the heels of Hurricane Helene, a Category 4 that devastated the southeast U.S. two weeks earlier. Higher demand and limited supply of labor and materials needed to adjust claims and repair/rebuild following multiple large-scale disasters can increase insured losses by 20% or more.Milton will push global industry insured losses thus far in 2024 to over $100 billion, which is the fifth consecutive year losses have crossed this threshold. This heightened level of catastrophe losses will likely limit any potential for rate declines in property catastrophe business in 2025 as (re)insurers maintain underwriting discipline. Florida property experienced flat to 10% rate declines at June/July 2024 reinsurance renewals, reflecting the limited impact of the 2023 hurricane season.The property market could see a hardening of premium rates, depending on the ultimate Milton losses and the amount of additional catastrophe losses for the remainder of 2024. However, the sizable property reinsurance price increases experienced in 2023 are unlikely given the more adequate current pricing environment.A broad spectrum of insurance companies will be affected by Milton as primary Florida homeowners’ writers manage risk accumulations by ceding a large proportion of business to third-party reinsurers. Most large national underwriters do not have substantial market share in Florida and have cut policies in force via non-renewals to manage balance sheet exposure and reinsurance program costs.The Florida homeowners’ insurance market’s precarious position will weaken further with the destruction generated by Milton. The sufficiency of reinsurance coverage is a key concern for Florida homeowners’ specialists given relatively low absolute capital levels, limited business diversification and questions as to their ability to raise capital following large loss events.Florida homeowners’ specialist reinsurance programs are likely able to absorb losses from events up to approximately 1-in-100-years. Losses above such levels could go “over the top” of catastrophe reinsurance programs, leading to a potentially rapid erosion of capital. We do not expect Milton’s losses to exhaust catastrophe reinsurance protection for most Florida specialists; although individual insurers with unique risk concentrations or meaningful modeling errors may report higher-than-expected gross losses. Insurers remain exposed should an additional storm or storms hit Florida this hurricane season.Milton will test the numerous recent Florida legislative and regulatory tort reforms, including the removal of one-way attorney fees and prohibition of the assignment of benefits. However, the financial benefit of the reforms will need to be proven through various catastrophe events before they can be deemed successful and supportive of longer-term private market capacity.
Tokio Marine Kiln establishes Specialty Reinsurance division
Tokio Marine Kiln (TMK), a leading, international specialist insurance underwriting business, announced the formation of a new Specialty Reinsurance division to support its continued focus on growth and diversification.
The new division will be led by Phil Taylor who will be appointed Head of Specialty Reinsurance as part of the company’s growth ambitions in the sector.
Taylor brings more than 25 years of experience in various underwriting and broking roles with Everest, Liberty Specialty Markets, Novae and Aon. He will focus on building TMK’s global specialty reinsurance portfolio and will join TMK in early 2025.
Vivek Syal, Chief Underwriting Officer at TMK, said: “TMK’s reinsurance expertise is renowned market-wide and we are extremely well positioned to build our portfolio. Phil is an exceptional underwriter and business leader, and I’m delighted to bring him on board to work with our heads of underwriting to expand our presence in this strategically significant class and provide an outstanding service to our clients.”