Aon Securities, the investment banking and insurance-linked securities (ILS) arm of the insurance and reinsurance broking giant, has hired Michael Popkin and Rick Miller in New York, who both join the firm from JLT Capital Markets.
Popkin and Miller has built a specialist practice in New York for broking group JLT, developing its capital markets and insurance-linked securities (ILS) specialism, with a particular emphasis on innovative transactions including private catastrophe bonds.
Following the acquisition of JLT by Marsh & McLennan, the pair now head for Aon, where they will be integrated into the Aon Securities team and provide specific ILS and collateralized reinsurance expertise in New York for the unit.
Aon called the two hires “strategic” adding that it hopes the additions of Popkin and Miller will “drive growth and innovation” within its capital markets focused unit.
Popkin and Miller were co-heads of the JLT Capital Markets unit based in New York.
Popkin had worked for almost eight years co-leading the capital markets and ILS focused businesses at JLT and previously Towers Watson. Prior to that, Popkin worked in investment banking and energy.
Popkin also has buy-side experience, gained working as a portfolio manager in structured credit, as well as international experience gained during his career which has seen him working in the U.S., Europe, and Asia.
Miller was also co-head of the capital markets and ILS business at JLT and predecessors, Towers Watson and Towers Perrin, working for the firms for almost 10 years.
Miller began his ILS focused career with Swiss Re Capital Markets, where he worked on an initiative to facilitate secondary market liquidity in broken distressed catastrophe bond positions after the 2008 financial crisis.
Popkin and Miller pioneered the development of private placement catastrophe bonds, cat bond lites, during their time at Towers Watson and more recently JLT.
The Market Re Ltd. private cat bond issuance vehicle that the pair set up has been one of the most successful in the market and set a standard for private placement technology in the insurance linked securities (ILS) markets.
The pair’s relationships in the ILS space and more broadly in capital and reinsurance markets, as well as their New York specific networks, will no doubt prove valuable assets to Aon as it continues to develop its ILS practice.
Miller and Popkin both start their new roles at Aon Securities with immediate effect and will report directly to Chief Executive Officer of Aon Securities, Paul Schultz.
Schultz commented on the new additions to his team, “The insurance-linked securities sector continues to be an incredibly dynamic environment, characterized by continued growth in alternative capital and investors and sponsors that are willing to look at new ways to match risk and capital. We welcome Mike & Rick to the team as we work together to drive innovation across geographies and perils in the ILS space in order to ensure its continued growth.”
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