Fogarty is based in New York and will oversee an international network of marine reinsurance colleagues and customers in this new position.
He will also focus on merging Aon’s wide array of analytics capabilities into the marine reinsurance marketplace.
Fogarty became part of Aon in 2004 and previously served as the company’s managing director of US speciality lines, comprising energy, marine, construction, property retrocession and aviation.
Fogarty will establish a new marine client advisory board in partnership with Lee Meyrick, who serves as the CEO of global marine in commercial risk solutions of the company.
As part of the risk capital strategy of Aon, Fogarty and Meyrick will work on boosting leadership across marine divisions by providing insight to handle growing risks in the sector.
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This approach will aid in bringing together marine sector customers across insurance and reinsurance to leverage shared tools, as well as facilitate the adoption of informed risk management and transfer-related decisions.
Aon risk capital and reinsurance solutions CEO Andy Marcell said: “The marine client advisory board is another step in the evolution of risk capital at Aon to put client needs at the heart of our capabilities.
“Under the leadership of James and Lee, we are strengthening insights into marine clients’ needs – from the impact of technology and cyber risk to climate implications.
“We are committed to accelerating innovation by uniting experts across commercial risk and reinsurance, coupled with access to new forms of capital to protect and grow our clients’ businesses.”
The company recently reported a net income of $575m for the second quarter of 2023.