Aon has made three appointments to its ReSolutions structured finance team. The team, which sits within the Capital Advisory unit in the firm’s Reinsurance Solutions division, will be joined by Sherman Power, who becomes global head of innovation alongside his role as head of ReSolutions US; Barry Gale, who becomes global head of legacy; and Steve Wallace, who takes on the post of head of business development.
In addition, the firm said that Dustin Loeffler has been named US head of legacy.
Kelly Superczynski, global head of Capital Advisory, said: “Through its Capital Advisory function, Aon has established a global team of experts dedicated to improving access to capital for clients and supporting the development of innovative solutions that address the myriad challenges facing our industry. Our global ReSolutions team collaborates across geographies and works with colleagues in the wider Capital Advisory function to achieve the best legacy outcomes for our clients, helping them to make better business decisions, build resilience and reduce volatility.”
Aon said that it has seen an increase in demand for legacy reserve transfers due to motivated sellers, an experienced marketplace, growth in available capital to buy legacy liabilities, and increased competition.
According to his LinkedIn profile, Power has been with the firm for a little over four years, re-joining in July 2018 after five-and-a-half years with Swiss Re. Before his Swiss Re role, Power was a senior managing director for eighteen years at Aon Benfield in Chicago.
Gale, meanwhile, has been head of the legacy at Aon for just over a year, having joined the firm last August after over twenty-four years at KPMG, where he was a partner.
Loeffler, who will also drive legacy deal execution in the US, has been with the firm for just under ten years, joining in 2013 from CNA Insurance.