In his new role, Martinez will lead the health and talent strategies of Aon’s Brazilian operations, supporting clients in an increasingly volatile business environment marked by complex and interconnected risks, while also contributing to the company’s growth and expansion in the country.

He brings more than 25 years of industry experience, including the last 10 at Aon, where he has played a key role in strengthening the company’s positioning with markets and clients.

Martinez has held various senior positions at Aon including Client Management Director and most recently as Chief Broking Officer.

Prior to joining Aon, he served as a Superintendent at Marsh Risk and was also a Partner at Pluricare Health & Insurance.

Earlier in his career, Martinez held actuarial and underwriting roles at Medial Saúde, Cigna Healthcare, Unibanco AIG Seguros e Previdência S.A., and Mercer.

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In his new role, he will work closely with Aon Commercial Risk & Reinsurance to expand Aon ART capability and deliver a full spectrum of risk management products to Aon’s clients.

Tomlinson brings over three decades of global experience in complex risk, and deep expertise in a broad array of Alternative Risk Transfer methods including risk and retention finance, multi-line multi-year aggregated cover and parametric products.

“His leadership will further strengthen Aon’s ability to deliver advanced risk capital solutions to clients. This investment reflects Aon’s continued focus on bringing risk capital to life and helping our clients navigate an increasingly complex risk landscape,” an Aon spokesperson stated.

Tomlinson is joining Aon following a close to 14-year tenure at Allianz Commercial, where he most recently served as Head of ART – UK, Asia, Australia, Benelux & Nordics, US Wholesale.

Prior to Allianz, he spent five years as Managing Director, ART Parametric at Sirius International Insurance Group. He also spent some time at XL Capital, weatherXchange, ICAP, and Deutsche Bank before that.

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The firm said that DB schemes are entering 2026 with a broader set of potential endgame approaches. As more schemes move out of deficit, trustees and sponsoring employers are considering a wider mix of strategies when deciding how best to secure member benefits over the long term.

While traditional choices such as buyout or continuing to operate the scheme have remained prominent, Aon said the range of alternatives between these outcomes has grown, which can make the decision-making process more complex.

James Patten, partner in the UK Endgame Strategy team for Aon, commented: “UK DB schemes are now facing a widening spectrum of endgame solutions. Until quite recently, allowing a scheme to run on or move to a buyout was seen by some as a binary choice for many schemes. While Aon’s 2025/26 Global Pension Risk Survey showed these remain popular options, with 52 percent of respondents intending to buy out and 18 percent intending to run on long-term, it’s now clear that there are shades between them.

“For example, our survey showed that 22 percent of respondents were interested in a flexible run-on approach, potentially involving short-term run-on before moving to a buy-in – sometimes to enable a run-down in illiquid assets – or doing phased buy-ins made over a longer period. We saw a number of large schemes continue this approach in 2025.”

Patten said schemes are now being presented with a wider selection of approaches that reflect different priorities and funding positions. He added that new market entrants could also expand the range of options available.

“Schemes are now being presented with a smorgasbord of endgame solutions. We are seeing a diverse range of run-on strategies that depend on scheme priorities. We also expect to see more superfunds seeking to enter the market in the near-term, potentially targeting different benefit outcomes for members. The Department of Work and Pensions has signalled its commitment to make this market thrive and its gateway principles are due to be simplified from 2028.”

Patten also noted that recent transactions could influence how schemes consider their future structure. “In addition, the recent Aberdeen Stagecoach deal could pave the way for similarly constructed transactions, involving a change in scheme sponsor. Adding to this list, pension captives can also work particularly well in certain circumstances.

“This greater variety of available solutions is of course welcome, but it doesn’t make reaching a decision any easier for trustees and sponsoring employers. They are recognising that the endgame decision creates a defining legacy for both scheme members and the sponsor – making it all the more important to avoid a feeling of ‘buyer’s remorse’ once a decision has been made.

“Schemes need to make certain that they have fully considered all the options, are up-to-date with market developments when doing so and have ensured that there is a clear audit trail of the decisions made.

“Trustees and sponsors can cut through some of the complexity and ensure better decision making by taking an initial step back to review their fundamental objectives. They can then develop their preferred strategy collaboratively, having fully weighed-up the options and before focusing on the all-important implementation.”

According to Aon, its UK Endgame Strategy team has advised more than 100 pension scheme sponsors and trustees on endgame decisions. The firm said it continues to invest in its Discover, Develop, Deliver framework to support schemes through the process, taking account of recent market developments and guidance issued by The Pensions Regulator in June 2025.

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On the 12th day of the conflict in the Middle East, Aon hosted a webinar, “The Middle East Conflict: What Matters Now for Global Organizations”, in which leaders and experts from the firm discussed what they are seeing right now across different insurance markets.

“We’re seeing risk repriced in real time — often before it shows up in financial results,” said Peiser. “Insurance markets are reacting as events unfold, making them an early warning signal for organizations navigating geopolitical disruption.”

He went on to stress that for many entities, currently, the most significant exposure isn’t physical damage, but rather sustained disruption to supply chains, logistics routes, and coverage structures.

“This is the moment to test assumptions — about how policies respond, where coverage ends, and whether alternative structures are needed — while organizations still have options to strengthen resilience,” said Peiser.

According to Tracy Lee Kus, CEO of Aon’s Global Broking Center, “London remains a central coordination point for war risk – particularly marine war – and for political violence more broadly.”

She stated that the London marine and war markets have continued to offer coverage across the Middle East, which helps to keep important trade routes both insurable and open.

“Capacity and pricing have been adjusted, but the fundamental choice has been to remain present in challenging territories rather than exiting at the first sign of trouble. This conflict is not a single-line issue. It cuts across many lines, including marine, energy, aviation, property, cyber and credit portfolios. London is at the center of modelling those cross-class accumulations and stress-testing capital, drawing on lessons from previous geopolitical crises. This allows the market to support clients while still protecting its own balance sheet and the wider reinsurance ecosystem,” she said.

Lee Kus’ comments are in line with those of Chris Jones, Chief Executive of the International Underwriting Association, who said today that members are still providing cover for clients affected by the hostilities involving Iran across several lines of business.

As noted by Phil Smaje, Global Industry Speciality Leader, Transportation and Logistics for Aon, both marine and aviation are vitally important to global trade and very much in focus as the conflict persists.

“Starting with marine, based on our information there were roughly 750 vessels, with a combined value of approximately $25 billion in the Persian Gulf when the conflict started on 28 February. Marine hull war cover operates through annual policies with defined restricted areas set by the Joint War Committee. Those Listed Areas are reviewed continuously, and particularly during periods of heightened hostility, insurers have the ability to amend them. The purpose of that mechanism is not market dislocation. It exists to allow rates to be adjusted, areas to be redefined and cover to be renegotiated and reinstated where appropriate,” explained Smaje.

Smaje emphasised that this framework has been in place in the Lloyd’s marine market for more than 300 years, adding that while it is clearly a stressed environment, the system is functioning as it should be.

“The primary concern for insurers right now is accumulation — how exposures stack up geographically — and whether pricing properly reflects that risk. Our expectation is that the market will continue to respond in a measured and pragmatic way, with the objective throughout being continuity: keeping clients insured and trading wherever possible,” he said.

As we wrote earlier this week, the United States International Development Finance Corporation (DFC) and the U.S. Treasury have unveiled a plan to deploy Maritime reinsurance, including war risk, in the Gulf region. The facility will insure losses of up to $20 billion on a rolling basis.

In terms of the aviation market, Smaje noted that insurers are taking a cautious but measured stance, with underwriters paying greater attention to ground accumulations at major hubs such as Dubai, while also asking more detailed questions around routing, airport selection, and also contingency planning for aircraft relocation.

“At this stage, we are not seeing widespread notices of cancellation. That reflects both market precedent and a relatively established understanding of how war perils are interpreted in aviation placements. For most businesses, the near term impact is less about structural change and more about clarity—clarity of cover, policy wording, and how placements are handled.

“Looking ahead, a more material market shift would likely require clearer triggers, such as insured losses emerging, changes in how key aviation or war markets deploy capacity, or a firmer reinsurance response at upcoming renewals. A combination of those factors would be the clearest signal that we’re moving from a period of adjustment into something more structural,” said Smaje.

Regarding the political risk space, Sarah Taylor, Head of Political Risks and Structured Credit at Aon, said that insurers are taking a deliberate and measured approach as they work to try to understand how the situation could evolve and where any secondary impacts may come from.

“The focus is not limited to physical damage, but on how disruption can affect contracts, operations and counterparties over time. For organizations with exposure in or near the region, the most productive step is early engagement — understanding how existing coverage would respond and where assumptions may need to be revisited, particularly ahead of renewals,” said Taylor.

In today’s interconnected world, geopolitical escalation often leads to heightened cyber activity which often extends far beyond organisations operating in the region of conflict. This was highlighted by Brent Reith, Global Cyber Leader for Aon, who called on organisations to “treat the current environment as a materially elevated cyber threat, making incident response readiness just as critical as threat monitoring.”

He continued: “Threat actors with geopolitical motivations tend to focus on high-impact sectors like financial services, energy, transportation and technology, particularly where shared cloud and SaaS dependencies create systematic exposure. Because cyber risk now touches nearly every business operation, having trusted partners in place can make the difference between a contained event and prolonged operational disruption.”

Last week, CyberCube highlighted elevated cyber risk from Iran following the US-Israel strikes, and called on cyber insurers to use threat-intelligence-informed analytics to assess and manage exposure.

Credit insurance companies are also closely monitoring developments in the region, debating what they could mean for global trade flows and supply chains, which will likely be disrupted further the longer the conflict lasts.

Oliver Henderson, Chief broking officer, Credit Solutions for Aon, said: “What matters most from an underwriting perspective is how delays and interruptions translate into liquidity pressure over time. While uncertainty has increased, underwriting appetite remains broadly intact, with insurers taking a more selective, scenario-based approach. For clients, timely information and disciplined credit management are key to maintaining confidence and
continuity of cover.”

Lastly, Charles Philpott, Global Natural Resources Leader at Aon, offered his thoughts on the implications for the energy sector.

“For a long time, geopolitical risk in energy sat largely in the background and was absorbed through commodity prices. What’s different now is that the impact is showing up more directly in access and operability, which has meaningful implications for how the energy system functions under stress.

“Even where energy infrastructure and shipping lanes remain physically open, the ability to keep oil and gas moving is becoming more constrained by external pressures, turning geopolitical risk into a core cost of energy rather than just a source of price volatility,” he said.

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Both Tank and Langley-Poole will report to Rupert Evans, International Head of Credit and Financial Risks Reinsurance, and will work with clients and reinsurance markets on a global basis.

Based in London, Tank joins Aon from the Phoenix Group, where he served as Senior Credit Risk Manager. Before that, he was a Credit Risk Manager at Swiss Re and previously worked as a Credit Analyst at AIG, RKH Group, and Euler Hermes UK.

Langley-Poole brings 15 years of industry experience, joining from Allianz Trade, where he held various leadership roles, most recently as Global Program Director.

Aon stated that Tank and Langley-Poole’s significant market knowledge will complement its reinsurance capabilities to deliver holistic insights and value to clients, helping drive better business decisions.

Evans said, “As the global credit market develops within the context of an increasingly challenging geopolitical environment, we believe it is essential to provide clients with the widest knowledge of all facets of the sector. Uday and Tom bring complementary skill sets from diverse areas of the credit market, enabling us to better understand the challenges our clients face and to deliver customised reinsurance solutions.”

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Kus, a 14-year veteran of Aon who has held several senior roles at the firm, succeeds Andy Bragoli of Howden, who has served as chair of LIIBA since March 2024.

Christopher Croft, CEO of LIIBA, commented, “Tracy Lee’s appointment has been warmly welcomed by our members and the LIIBA team as a positive step forward for London’s broking community.

“Aon is an influential voice in the market, and Tracy-Lee’s role as CEO of Aon’s Global Broking Centre will bring a truly global perspective to the board and LIIBA.

“Tracy-Lee has a deep understanding of the issues, challenges and opportunities faced by brokers – both large and small – and will be a real asset to the association over the coming years, particularly as we enter more uncertain market conditions.

“I would also like to extend my gratitude and thanks to Andy Bragoli, who has been an exceptional and supportive chair over the last two years.

“Under Andy’s guidance, the LIIBA board has helped navigate some significant, market-defining moments and he has been a leading light for our members across the market.”

Tracy-Lee added, “LIIBA plays an important role in representing its broker members both in London and across the world.

“I am proud to be taking on the position of Chair and supporting the excellent work Chris and team are delivering for our members and the wider market.

“Supporting all members – regardless of size – during this pivotal phase of the market’s development will bring both challenges and opportunities, and I am relishing the opportunity to continue the passion and dedication shown by Andy during his tenure.”

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The agreements were entered into with Munich Re and Pacific Life Re, two leading global reinsurers, with an Aon team, led by Roelant de Haas in the Netherlands and Martin Bird in the UK, advising on the reinsurance broking and structuring.

The risk transfer is effective as of 1 January 2026, with the agreements remaining in force until the portfolio has fully run off.

Services and guarantees provided by Achmea Pension & Life Insurance to its policyholders are reportedly unaffected by the transaction.

Arthur van der Wal, Chief Executive Officer of Achmea Pension & Life Insurance, commented, “Transferring roughly half of our longevity risk exposure is a deliberate and significant next step in executing our long-term strategy.

“The associated capital benefit will support our strategic growth ambitions in the area of pension buyouts, as well as the further optimisation of our investment portfolio. This will be done in close collaboration with Sixth Street and Achmea Investment Management.”

Roelant de Haas, CEO of Aon Reinsurance Solutions Netherlands, said, “We are pleased to have supported Achmea on this strategically important capital solution and to have brought together a united Aon team with in-depth market expertise, industry insights and strong broking capabilities to deliver a successful transaction.”

Martin Bird, senior partner and UK head of risk settlement at Aon, added, “The global longevity reinsurance market remains highly competitive and has large-scale capacity to deploy, with a strong appetite in relation to the Dutch market.

“By using Aon’s Demographic Horizons software for modelling mortality and other demographics – including the leading base mortality postcode model for the Netherlands – as well as our broader reinsurance market insight and broking expertise, we were able to syndicate this milestone transaction for Achmea.”

Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re said, “We are excited to support Achmea Pension & Life Insurance on this transaction, which marks our fourth in Continental Europe and our largest to date in the Netherlands.

“It highlights our ability to deliver tailored longevity solutions at scale and demonstrates our strong commitment to the Continental European market. We look forward to continuing to collaborate with our clients, as they navigate evolving regulatory and strategic priorities.”

Pacific Life Re was awarded €4 billion of the €8 billion in pension liabilities transferred as part of the transaction.

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Simultaneously, with this transition, Farheen Dam has been appointed to serve as CEO of Enterprise Clients and Chief Client Officer, effective immediately.

The trio report to Greg Case, CEO and President of Aon, and serve on the Aon Executive Committee.

In Corona’s new role, she will deliver actionable insights, differentiated risk and human capital capabilities and provide expertise to its clients, collaborating closely with Aon’s other regional leaders and broader firm leadership.

Corona has spent more than 25 years at Aon, most recently serving as CEO of Enterprise Clients and Global Chief Commercial Officer. In the role, she led Aon’s Enterprise Client Group and regional Chief Commercial Officers to deliver integrated solutions to clients.

Previously, she has served as CEO of Asia Pacific, responsible for driving growth and capability across solution lines and partnering with key clients in the region. In the past, Corona was also President of Aon’s Financial Services Group and Chief of Staff for the global CEO.

Corona is supporting the process to fill her responsibilities as Global Chief Commercial Officer and will remain in this role until a new leader is identified, Aon has confirmed.

Case commented on the appointment, “Anne’s deep leadership experience across regional, client and solution roles at Aon positions her to build on our growth in serving clients in North America. Anne’s strategic vision and proven ability to deliver for clients enhances our strong leadership team in North America as we continue to accelerate our Aon United strategy to serve clients with distinction at a time of rising need.”

Corona added, “It is an honour to work with colleagues across North America to help our clients in the region make better decisions amidst growing volatility and uncertainty. I am deeply grateful to Lori and the North America leadership team for the foundation they have built and the unmatched opportunity we have to bring our clients the clarity and confidence they need to navigate complexity, build resilience and focus on growth.”

Goltermann joined Aon over three decades ago, and he will now serve as Vice Chair of Aon into 2027. She will advise on topics of significant importance to the firm and its clients, including workforce development, women’s health issues, and the advancement of talent across the industry.

In her most recent role, Goltermann helped to develop and deliver Aon’s Risk Capital and Human Capital capabilities and content to drive differentiated value and outcomes across enterprise, large multinational and middle market client segments globally. She has worked across regions to create enhanced and sustainable client outcomes that drive top-line growth and margin expansion.

She also embedded the firm’s Client Leadership model and global industry investment and go-to-market strategy to further strengthen and expand client relationships and relevance.

Case said, “Lori is among the most knowledgeable and experienced leaders in our industry and the impact of her many contributions over three decades of service are deeply felt across our firm. In the final year of our 3×3 Plan to accelerate how we serve clients, I’m grateful to have Lori’s continued counsel as Vice Chair of Aon.”

Goltermann added, “I’m energised by the opportunity to continue to work closely with colleagues to serve our clients across their highest priority areas of Risk Capital and Human Capital while also helping to shape the firm’s talent agenda.”

Dam will lead the strategic direction of Aon’s Enterprise Client Group and the delivery of integrated Risk Capital and Human Capital capabilities to regional enterprise clients. She will also enhance Aon’s client leadership experience across all segments and industries globally to deepen client relationships and drive sustainable growth.

Dam is also supporting the process to fill her responsibilities as North America Health Solutions Leader and will remain in this role until a new leader is identified.

Most recently, Dam was the North America Health Solutions Leader for Aon, driving the growth, strategy, and execution of the Health and Benefits business, while identifying market trends and innovation.

Dam joined Aon in 2022 and has extensive leadership experience in healthcare and human capital. She spent 15 years in various leadership and consulting roles at a global human capital and brokerage firm, and served as the West US Region Leader at a payor and led commercialisation efforts at a healthcare startup.

Dam said, “I have spent my career understanding and serving the needs of employers in the areas of health and human capital. I look forward to amplifying the voice of the client at Aon through my new role and alongside the Enterprise Client Team. This opportunity inspires me to champion market-leading solutions and foster an environment to meet our client’s current and future needs and business challenges – all with an eye to shaping decisions for the better and to protect and enrich the lives of people around the world.”

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The engagement will reportedly see Aon implement VIPR’s technology suite to drive operational transparency, data accuracy, and speed to market across its delegated authority business.

“Through intelligent automation of bordereaux management, data analytics, and coverholder administration, VIPR technology will enable Aon to scale its operations whilst maintaining the clarity and control essential to its clients,” the delegated authority technology provider explained.

Paul Templar, Co-Founder and CEO at VIPR, added, “Aon’s decision to choose VIPR reflects a shared commitment to transforming delegated authority through technology.

“This engagement demonstrates that leading global brokers recognise intelligent automation as critical to delivering superior client outcomes and operational excellence.”

Bob Olson, Risk Capital Chief Product Officer and CIO of Reinsurance at Aon, said, “We continue to explore and invest in solutions that enhance value and drive better decisions for our clients.

“Our engagement with VIPR helps us to achieve this goal across our growing delegated authority operations.”

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Led by Aon’s digital asset practice, the initiative draws on the firm’s deep expertise in digital-asset risk advisory, applying its insurance and risk management solutions to streamline internal operations.

As part of the project, Aon collaborated with clients Coinbase and Paxos to settle premium payments for their respective insurance programs.

The transactions were conducted across multiple blockchain networks, including USDC on Ethereum and PayPal USD (PYUSD) on Solana.

Aon highlighted that the proof of concept demonstrates flexibility across leading stablecoins, blockchains, and counterparties.

It also reportedly underscores the firm’s commitment to modernising the insurance value chain by showing how stablecoin technology can enable more efficient movement of funds.

Moving forward, Aon explained that it will continue to evaluate stablecoin settlement capabilities and related innovations across insurance services, aligned to regulatory requirements and its commitment to strong governance, risk management and client choice.

Tim Fletcher, CEO of Aon’s financial services group, commented, “Our position as a first mover in accepting stablecoin to settle insurance premiums advances our commitment to innovating on behalf of clients to better serve their needs.

“As tokenized instruments become more widely used, clients need confidence that speed and innovation do not come at the expense of control. By building real-world understanding of stablecoins early, we are strengthening our ability to advise on risk, governance and resilience as digital finance evolves.”

John King, head of corporate portfolio strategy and treasurer for Aon, added, “Financial infrastructure is evolving and Aon is focused on staying ahead of how value moves through the insurance ecosystem.

“While broader adoption of stablecoins across corporate payments is still emerging, the long-term potential is significant. This work allows us to understand how these mechanisms operate within established systems and frameworks, so we are prepared to evaluate efficiency and cost-savings opportunities over time as the technology matures.”

Brett Tejpaul, Co-CEO of Coinbase Institutional, said, “Our leading institutional infrastructure enables institutions to seamlessly execute payments and power their crypto businesses. By settling insurance premiums using stablecoins, including USDC, we are helping Aon scale their financial operations with speed, transparency, and scalable institutional-grade infrastructure.”

Adam Ackermann, head of treasury and portfolio management at Paxos, noted, “Stablecoins are quickly evolving to become core infrastructure for how businesses manage liquidity, settlements and risk.

“This collaboration with Aon shows how a regulated stablecoin like PYUSD can be integrated directly into treasury workflows for more efficient capital management. Together, Aon and Paxos are demonstrating that stablecoins are not a future concept, but a practical tool financial institutions can use today to modernize settlement and strengthen risk management.”

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