Aon Securities, the capital markets and investment banking arm of the insurance and reinsurance broker, has hired experienced insurance-linked securities (ILS) market executive Paschal Brooks.
Brooks is very well-known across the ILS industry, having formerly worked at AlphaCat Managers, part of AIG’s Validus, before then departing to start-up his own ILS venture, Sustain.
Brooks began in his new position at Aon Securities in recent weeks, taking on a Managing Director role and going back to the investment banking side of the market he had previously worked in.
At Aon Securities, Brooks will report to the CEO of Insurance-Linked Securities, Richard Pennay, we understand.
His role will see him focusing on the structuring and origination of capital market reinsurance and ILS opportunities.
Brooks career began at Goldman Sachs as an analyst, then after a stint at Alleghany he rejoined Goldman Sachs in a reinsurance focused investment banking role in 2006.
Just over five years later, Brooks joined AlphaCat Managers in Bermuda, the ILS fund management arm of Validus, working for the company until 2022 and working his way up the ranks to become CEO of ., based back in the United States.
Then, in March 2022, Brooks teamed up with fellow ILS sector exec Justin Hull to launch , an ILS fund manager start-up with a focus on sustainable investing and ESG.
The pair shuttered that venture earlier this year and Hull has returned to his former employer Aspen Capital Markets.
The timing was unfortunate for Brooks and Hull’s Sustain ILS Management startup efforts, right around the time the ILS market faced its most challenging capital raising environment in its history, particularly for collateralized reinsurance investments which were likely to be the focus of Sustain.
Brooks broad experience in reinsurance capital markets, investment banking and ILS portfolio and fund management, will be valuable additions to the Aon Securities team.
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