UK-based insurer Aon is restructuring its credit reinsurance operations around a hub-led model spanning key locations globally.
Rupert Evans, international head of credit and financial risks reinsurance, will move from London to New York as part of the reorganisation, with a focus on building relationships with clients and capacity providers across the US and Americas.
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He will retain responsibility for clients in all regions to maintain strategic and market alignment across the business.
Evans said: “By creating a series of global hubs for our credit reinsurance team, we are bringing insurers closer to the expertise, insights and reinsurance capacity they need in an increasingly complex environment.
“This model allows us to respond more quickly to changing market dynamics and support better risk and capital decisions for our clients.”
The credit reinsurance division is headed by Ben Walker, global credit reinsurance leader, with dedicated teams covering bank de-risking, North American surety and US mortgage.
Nick Ayres, chairman of global credit, will work with Evans and senior broking teams across locations to coordinate the credit reinsurance offering globally.
London will retain a central role in the business, anchoring trade credit, structured credit, political risk and international surety capabilities, and continuing to serve clients across the UK, Europe, the Middle East and Africa, and Asia-Pacific.
Support hubs are located in Bermuda, Madrid, Paris, Rome, Tokyo, Warsaw and Zurich.
The model is designed to give clients direct access to global and regional reinsurers, local market knowledge and placement strategies drawing on capacity from multiple geographies.
Aon said the approach reflects rising demand from reinsurers seeking credit reinsurance expertise with both global coordination and local market presence as they build diversified portfolios across business lines and geographies.
Separately, Aon reported first-quarter net income attributable to shareholders of $1.2bn, up 26% from $965m a year earlier.
Diluted earnings per share rose 27% to $5.63, compared with $4.43 in the prior-year period, while revenue climbed 6% year-on-year to $5bn.
