Aon has announced the hiring of Cole Mayer from Swiss Re, an executive who will join the broker to lead a global center of excellence for parametric products, reporting to Aon CEO Paul Schultz.
Cole Mayer joins Aon as head of parametric as the company looks to “accelerate the adoption of index-based insurance” through an initiative to establish a global center of excellence for parametric products.
Managing the new center, Mayer will be responsible for coordinating the structuring and allocation of parametric risk transfer, insurance and reinsurance products across Aon’s solution lines and regions.
Mayer will lead a team of parametric risk transfer experts across North America, EMEA and Asia Pacific to identify opportunities and leverage the Aon Group’s synergistic expertise.
This will include Reinsurance Solutions and Commercial Risk Solutions, with Aon focusing on Insurance Linked Securities (ILS) and Catastrophe Bonds, providing parametric products to clients while leveraging capital from different markets.
Schultz commented, “As a company, we recognized early on that parametric products could be used not only by insurance and reinsurers, but also by commercial organizations, especially those with broad asset portfolios that face potential natural catastrophe events. With Cole leading our global parametric efforts, we are strengthening our commitment to provide additional capital to clients across the firm at a time when many face traditional market capacity constraints as they seek coverage for their unique risks .”
Mayer was most recently Senior Vice President and Senior Architect of Swiss Re’s Innovative Risk Solutions division.
Andy Marcell, CEO of Aon Venture Capital, added: “Commercial risk and reinsurance clients are increasingly demanding innovation around risk transfer, so to continue delivering value to clients, Aon needs to be more aligned across its global network and approach . Cole’s new role is a testament to the rapid progress we are making to more effectively deliver parametric solutions through global collaborative initiatives.”
Lambros Lambrou, CEO of Aon Human Capital and Business Risk Solutions, also said: “Having a unified capability will allow us to offer an increasingly broad range of robust parametric solutions to address various exposures across the risk and human capital space. This area heralds the evolution of risk transfer, and we are excited to see how it evolves through the efforts of our Parametric Products Center of Excellence.”