Bailey named Head of Capital Markets, Aon Securities, London

Aon Securities has appointed Darren Bailey as Head of Capital Markets (Capital Markets Team – Aon Securities) in the firm’s London office, as it rebuilds its European-based insurance-linked securities (ILS) focused team in the wake of two departures.

Bailey was previously Director of ILS Management EMEA, where he dealt with the insurance management side of the ILS, catastrophe bond and collateralised reinsurance market. Bailey had previously spent some time in Insurance Management for Aon in Guernsey where he managed certain collateralised reinsurance platform sales for the firm. Before that he worked for insurer AIG in its Global Risk Solutions division, prior to which he was also with Aon in London and Dublin.

Aon Securities previous lead in the UK, Chris Parry, left the firm earlier this year to move to Bermuda to work for reinsurance firm RenaissanceRe. Aon Securities also lost Raphael Rayees from its London office this year.

Bailey has built a strong network with the ILS market and as well as insurance management expertise, so understanding the structures and vehicles available to sponsors and investors, also has a background in actuarial and underwriting business.

“We are in a very interesting and exciting time in the history of ILS,” Bailey explained to Artemis.

“Regardless of market conditions, innovation in new products in ILS, both in P&C and Life, will be fundamental in 2017/18 to maintain growth in the sector and continued attraction from third party capital investors.”

Leading the UK office for Aon Securities will place Bailey at the center of a number of regular ILS and catastrophe bond transactions, with repeat European sponsors. His task, of increasing the number of ILS and cat bond transactions within the European market will not be easy though, given the heavy price competition from traditional reinsurance firms.