Aon
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Denbigh is the fifth senior Aon retro broker to leave the firm in recent weeks. -
Jeremy Lee had been at Aon and Benfield for over 22 years.
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The broker has worked for the firm and predecessor component Benfield for 17 years.
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The former Aon head of London market retro is expected to join the challenger broker at the end of the year.
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After Bertha’s landfall, the firm also noted that 2020 has joined 2010 and 2016 as an early year for named storm activity.
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Aon group CEO Greg Case said the new mindset would apply to other challenges including climate change and cyber.
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Mallon and Foxall will join a 120-person international reinsurance team later this year.
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Renewals could help cat bond spreads return to pre-Covid levels, the broker added.
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The company will also cut the salaries of about 70 percent of its workforce by 20 percent in a bid to save jobs.
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Windstorms and heavy rain earlier this month were already likely to cause over $1bn in estimated insured losses.
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The Aon Reinsurance Aggregate (ARA) stock index fell by 46 percent in the five weeks to 23 March due to Covid-19.
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There were at least 121 confirmed tornado touchdowns from Texas to Maryland from 10-14 April.
