Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, is expanding reinsurance and analytical capabilities in the state of Florida, as the company gears up for rising demand ahead of Jan. 1 renewals.
Referencing demand for both complex risk transfer solutions and expertise specific to the Florida market, the reinsurance broker said it will staff up the West Palm Beach office beginning January 2016, with reinsurance broking and analytics colleagues.
Reporting into Bob Keane, Aon Benfield Executive Managing Director, the office will initially be staffed by Managing Directors Gard Olbers and Chris Lux.
Olbers has been located in the West Palm Beach office for three years, and over his 15 year career with Aon Benfield has also worked in the New York, Connecticut, and New Jersey offices.
Lux has 11 years of broking experience in the Florida reinsurance market and has spent the past six years working for Aon Benfield in Bermuda.
Adding to analytics firepower, Paul Hosni will join the firm’s West Palm Beach operations as a Senior Catastrophe Analyst, transferring from Aon Benfield’s Dallas, Texas office.
According to the Aon Benfield’s “Reinsurance Market Outlook—September 2015” report, overall reinsurance demand in peak regions had increased materially for the second consecutive year. This trend was particularly notable in Florida and other U.S. coastal areas, given the attractive risk transfer margins offered in both the alternative and traditional markets.
The report noted that
- A number of insurers reduced their participation in government risk transfer programs, such as the Florida Hurricane Catastrophe Fund, by utilizing private reinsurance capacity.
- The Florida private insurance market has also seen significant growth, and resulting increased private reinsurance demand.
- Positive Florida population and construction trends and the depopulation of policies from Citizens Property Insurance Corporation (Florida Citizens) were among factors fueling growth.
Source: Aon Benfield