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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In his new role, Duncan will focus on shaping and driving Aon’s agenda, including growth strategy, market expansion, and continued capability development. He will ensure the company remains aligned with market opportunities and positioned for success.

Meanwhile, Stanco will lead performance across the U.S. reinsurance business, responsible for execution, talent leadership, and consistent delivery of client value across operating businesses and branches. He will focus on driving operational excellence and developing talent.

Steve Hofmann, CEO of Americas at Aon’s Reinsurance Solutions, will continue to work closely with Duncan and Stanco as enterprise partners, empowering Aon’s teams to deliver meaningful outcomes for clients and create compelling opportunities for colleagues.

Hofmann commented, “As our platform grows in scale, capability, and market impact, we are aligning our leadership structure to enhance accountability for strategy, growth, and performance, positioning us for sustained success in an increasingly dynamic market.”

He added, “This structure reflects how we operate today and how we intend to lead in the future, with clarity, accountability, and a strong commitment to growth.”

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In his new role, Fraccalvieri will be responsible for defining the strategic direction and execution of Aon’s global facultative reinsurance strategy, prioritising ceded facultative business.

He has also been tasked with collaborating with Aon’s Risk Capital platform to deliver differentiated value to clients and develop strategies for sustainable, profitable growth.

Furthermore, he will drive the creation of new digital capabilities and talent programs to keep Aon’s facultative solutions innovative, and client-centric in an increasingly complex and evolving risk landscape.

Fraccalvieri is set to take over from Andrew Laing, who will now focus on his duties as UK CEO of Aon’s Reinsurance Solutions, a position he was appointed to in July 2025.

Over his decade-long tenure as global facultative reinsurance leader, Laing played a crucial role in significantly boosting growth and fostering innovation in client solutions across Aon’s facultative reinsurance portfolio.

Following the transition, Laing will continue to serve as global chair of facultative for Reinsurance Solutions, and Fraccalvieri will retain his role as CEO of EMEA facultative for Reinsurance Solutions.

An industry veteran, Fraccalvieri brings over 25 years of experience to his new role, including a number of senior leadership positions in regional and international markets.

The executive joined Aon in 2023 to head the firm’s EMEA facultative reinsurance operations. Since then, his team has achieved accelerated growth across the EMEA facultative reinsurance sector, according to the b broker.

Andy Marcell, CEO of Global Solutions for Aon, commented: “Over the past decade, Andrew has transformed our global facultative reinsurance operations into a true industry powerhouse, whose scale and capabilities have continually helped to shape better business decisions for our clients. His outstanding leadership has been instrumental in building the scale, capability and global reputation we hold today.

“With Nick’s market experience, proven leadership and strong understanding of facultative reinsurance, we are confident that we remain exceptionally well-positioned to transition into the next chapter of growth and deliver even greater value to clients across our facultative Reinsurance Solutions.”

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The opportunities from the rapid advancement of digital infrastructure, notably AI and machine learning and hyperscale data centres, has been an extremely hot topic in the re/insurance sector for some months now, and this has continued during Q4 and full year 2025 reporting season.

It’s unsurprising given the innovative solutions and huge levels of capital that are going to be required to meet the demands of the AI boom, with some forecasts suggesting that as many as 3,000 new data centres will be built in just the next five years.

Earlier this month, Aon expanded its proprietary Data Center Lifecycle Insurance Program (DCLP) by $1 billion, or 67% to $2.5 billion, and during today’s call, President and CEO Case noted this capacity increase, as well as a positive client story which highlighted Aon’s capabilities in the space, and a new data centre reinsurance treaty.

He revealed that Aon’s “reinsurance team recently designed and placed the first ever data centre specific treaty, delivering a solution that aligns up to $5 billion of capital through the insurance value chain behind a single leading insurer. And we’re actively engaged with several others to help them expand and strengthen their capabilities to provide capacity for clients.”

“Our advisory capabilities around site selection, design and engineering, as well as tremendous data and advanced analytics, are critical to informing effective capital protection decisions in the face of extreme weather, supply chain and cyber risk,” continued Case. “And while we’re still in the very early days of this generational opportunity with data centers, we have some exciting wins under our belt, and our leadership in this space is another factor that supports sustainable organic revenue growth. It’s also another impressive example of Aon innovating to solve client problems.”

Later in the call, during which management also discussed Aon’s Q4 and full year 2025 performance, an analyst quizzed Case further on the data centre opportunity, which the CEO described as “unique” and “monumental”.

Case said: “It also requires a level of response and complexity that’s beyond what the traditional industry has ever accomplished. Just be clear about that. This requires real net new innovation around alternative forms of capital, how we think about risk, how we pull risk, all those pieces. All I’m trying to highlight is, and I think we probably do a third or more of the data centers that are out there now, we’re incredibly well positioned, and we’re having the dialogs no one else is having. But we’re at the beginning of this process.

“If you think about it, there are lots of data centers out there, 1000s of them, but as we think about the build that’s going on now, last week at Davos, this was one of the primary discussion points, and it was really this and AI and how they fit together. This race is just beginning. The opportunity is just beginning.

“This is another proof point on both our ability to innovate and drive net new insight into the market. And second, it just reinforces mid-single digit or greater organic revenue growth. That’s really all we’re trying to do. And so, that’s what I would factor in. It’s another weight on the scale, if you think about what’s going to drive that over time, and we’ll see how it plays. But it’s a unique opportunity, and we’re very well positioned.”

Aon, Marsh, and Gallagher, three global insurance and reinsurance broking groups, all discussed the data centre opportunity during their recent earnings calls, so it’s clearly expected to be an important growth area for intermediaries as they work to capitalise on the AI and digital infrastructure boom.

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Across the business, net income attributable to Aon shareholders rose by almost 140% in Q4’25 to $1.7 billion compared with $716 million in the prior year quarter, as operating income increased by 11% to $1.2 billion, with a 1% rise in expenses to $3.1 billion.

The reinsurance arm sits within Aon’s Risk Capital unit, which had a strong quarter and full year thanks to growth at Reinsurance Solutions and the Commercial Risk Solutions business.

The 8% organic revenue growth within Reinsurance Solutions reflects double-digit growth in insurance-linked securities and the Strategy and Technology Group. Aon also highlights robust growth in facultative placements as a result of net new business and strong retention, partially offset by a modest market impact.

Commercial Risk Solutions’ Q4’25 revenue increased by 7%, including 6% organic growth, year-on-year to more than $2.3 billion, compared with almost $2.2 billion a year earlier, driven by strong growth in North America, EMEA, and Latin America, again driven by net new business and ongoing strong retention.

In Aon’s Human Capital segment, which houses Health Solutions and Wealth Solutions, organic revenue growth was 2% for both units in Q4’25. Health Solutions revenue increased to $1.1 billion from $1.07 billion, while Wealth Solutions revenue actually fell slightly to $490 million for Q4’25, compared to $542 million in Q4’24.

Aon attributes the organic revenue growth in the Health business to “strong growth in core health and benefits and consumer benefits solutions, driven by net new business, ongoing strong retention and positive market impact, partially offset by slower discretionary spend in Talent Solutions and delayed closed sales.”

For the Wealth division, organic revenue growth is attributed to “growth in Retirement, driven by continued strong demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by the sale of the NFP Wealth business.”

Looking at the full year 2025 performance, total revenue increased by 9%, with 6% organic growth, to $17.2 billion. Net income rose by 37% to $3.7 billion in 2025, while operating income increased by 13% to $4.3 billion, with expenses up 8% year-on-year to $12.8 billion for 2025.

For the full year 2025, Aon’s Reinsurance Solutions generated revenue of $2.8 billion, an increase of 5%, with 6% organic revenue growth, when compared with the prior year’s $2.7 billion. Commercial Risk Solutions’ revenue increased by 8% with 6% organic revenue growth to $8.5 billion.

Within Human Capital, Health Solutions revenue increased by 15%, with 5% organic growth to $3.8 billion, while Health Solutions revenue jumped by 10%, with 5% organic growth, to $2.1 billion.

Today, Aon has also introduced guidance for the year ahead, revealing that it expects mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth in 2026.

Greg Case, president and CEO of Aon, commented: “Our fourth-quarter and full-year results reflect the strong execution of our 3×3 Plan, accelerating our client-centric Aon United strategy. In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all of our full-year objectives, including a second straight year of 6% organic revenue growth.

“Our strategic investments in data-driven insights and capabilities through Aon Business Services are enabling us to meet rising client demand in an increasingly complex environment. We are entering 2026 with momentum and are well positioned to continue to deliver for our clients, generate sustainable growth and create long-term shareholder value.”

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Halliday brings more than a decade of industry experience, with international leadership expertise that will support clients as they navigate an evolving risk landscape.

He has spent the past six years at Aon, joining in February 2020 as a reinsurance broker, and was appointed Head of EMEA Property Facultative, London in October 2024.

In his expanded role, Halliday will lead the Property Facultative business across both EMEA and Latin America from the firm’s UK hub.

Prior to joining Aon, he served as a Vice President at Marsh and spent more than four years at JLT Specialty, most recently as a broker.

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In her new role, Shah will lead the delivery of tailored life and health reinsurance solutions in India, supporting clients in managing risk and driving profitable growth.

She will continue to collaborate with Aon’s life and health reinsurance teams across Asia Pacific and globally to bring the firm’s full capabilities to local clients.

Shah brings two decades of industry experience and deep actuarial expertise. She joins Aon from Gen Re, where she served as Head of Pricing – Life/Health.

Prior to that, she was an Associate Director at PNB MetLife India Insurance Co. Ltd and an Assistant Vice President at Generali Central Life Insurance.

Earlier in her career, Shah held senior actuarial roles at Reinsurance Group of America (RGA) and Bajaj Life.

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Aon will release its full Reinsurance Market Dynamics January 2026 Renewal report next week, but in the meantime, the broker has provided some insights into its 1.1 analysis.

The report will reveal that cedents benefited from favourable dynamics at 1.1, aided by record levels of capital following another strong year of profitability for reinsurers, as well as a benign 2025 Atlantic hurricane season which Aon says led to competitive tension in the market.

Notably, competition was high among reinsurers in the US, with preferred risks “typically achieving healthy double-digit rate reductions at January 1,” while renewals in both Europe and Latin America also saw double-digit reductions with a few exceptions. In the Asia Pacific region, rate reductions neared 20% for non-loss impacted accounts, according to Aon.

“Buyers returning to the market will find a wide range of complementary reinsurance and capital products. Frequency covers and earnings protection are increasingly available. We are seeing growing interest in bespoke transactions such as structured solutions, loss portfolio transfers and facultative reinsurance, including hybrid treaty/facultative facilities,” said Alfonso Valera, International CEO for Reinsurance Solutions at Aon.

In the property space, Aon notes that insurers achieved significant discounts and improved terms at 1.1, with competition “more intense and widespread” than at 1.1 2025, as sellers showed greater flexibility and desire for risks that were previously outside or at the edge of their portfolios.

“An increasingly favorable facultative reinsurance market offers insurers an expanding range of flexible and complementary solutions to de-risk portfolios and support growth. We anticipate the facultative market will continue growing in 2026,” said Aon.

While Aon’s full report will delve deeper into pricing dynamics at 1.1, today’s commentary from the firm reveals further softening across the property reinsurance space, which had been expected.

At the same time, casualty reinsurance conditions at 1.1 2026 also remained favourable for buyers, supported by increased capacity and reinsurer appetite for risk, which Aon says is fuelling competition for international casualty and stability for US placements.

Aon explains that a combination of improving results, a robust underlying primary market, and attractive investment returns, meant casualty insurers were in a strong position at the renewals despite a challenging US tort environment.

“In a world in which risk and uncertainty is growing, businesses and governments look to insurers for solutions. Insurers can stay competitive and remain relevant to customers by leveraging attractively priced, diverse capital as well as revisiting their long-term strategy and product mix to support growth and optimize protection. Building best-in-class strategies – from capital deployment and talent to distribution focus and underwriting innovation – is essential for thriving in today’s attractive, yet dynamic market,” said Stephen Hofmann, Americas CEO for Reinsurance Solutions at Aon.

The broker’s report will also highlight that although cedents were “broadly comfortable” with current levels of protection at the key January renewals, many buyers are expected to explore additional solutions to protect earnings and support profitable growth initiatives in 2026.

Additionally, Aon’s report will explore capital levels in the sector, as the broker highlights that as at September 30th, 2025, it estimates global reinsurer capital hit a record $760 billion, an increase of $45 billion on the prior year, driven mostly by retained reinsurer earnings.

According to Aon, the reinsurance sector reported an average annualised return on equity of 16% for the first nine months of 2025, well in excess of the average cost of equity.

“The record-breaking industry capital position was supported by a relatively moderate Atlantic hurricane season and increased interest from third-party capital providers for insurance risk. Third-party capital reached a new high of $124B at the end of the third quarter – up $9B relative to the prior-year period. The catastrophe bond market ended the year at an all-time high with more than $24B of bonds issued across 74 sponsors and $58B in catastrophe bonds outstanding. The sidecar market also continued to grow in 2025 through new (re)insurers, new investors and new structures resulting in exciting growth,” Aon explained.

Another highlight of the report, and something Aon executives discussed recently, is that record levels of reinsurance industry capital are expected to support growth in emerging risk protection, notably the estimated $5 trillion to $10 trillion of investment in data centres by 2030, which will require huge volumes of re/insurance capacity.

“Similarly, evolving regulatory and litigation landscapes are expected to drive increased demand for liability insurance. A recent Aon study estimated that emerging risks in the casualty sector could contribute approximately $5B of reinsurance premium annually,” said the broker.

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As in 2025, next year, ACT will offer 28.5% co-insurance on business lines placed via Aon’s Global Broking Centres (GBC) in London and Singapore, while the client dividend for 2026 will again be 1.5%.

Aon increased the line size of its placement facility to a record 28.5% for 2025 from 22.5% for 2024, with the maximum line size across the majority of its classes at 20% for 2023.

We reported back in July that Aon had expanded ACT into its Reinsurance Solutions business, specifically for global facultative placements.

Today, Aon has confirmed two other key changes to ACT for 2026, including its expansion into Aviation & Space, offering clients in these segments streamlined access to capacity.

At the same time, the maximum periods for construction risks have been increased, supporting evolving client needs such as greater demand for construction insurance around data centres, says the firm.

ACT, which will continue to be led by insurer QBE, brings the security of a Lloyd’s insurance panel with an AA- rating from S&P and an A+ rating from AM Best.

Joe Peiser, CEO of Commercial Risk, Aon, said: “The 2026 renewal and expansion of the Aon Client Treaty exemplify Aon’s unique Risk Capital Structure. Now in its second decade, ACT is extending to facultative reinsurance clients and new classes such as Aviation and Space, combining market-leading Lloyd’s capacity with our data and analytics to deliver risk capital with greater speed, certainty, and consistency.”

Tracy-Lee Kus, CEO, Global Broking Centre, Aon, added: “Innovation remains central to ACT’s success. Aon’s investment in data, analytics, and placement platforms has enabled us to extend ACT to facultative reinsurance clients, support new classes such as Aviation and Space, and increase flexibility for complex construction risks. Together with our market partners, we are scaling ACT as a resilient, efficient solution for accessing risk capital.”

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Global ReSpecialty is Aon’s specialty reinsurance and retrocession solutions division, encompassing property specialty, marine energy, composite and construction, casualty, aviation, cyber, credit, contingency and accident and health business lines.

In his role as a Senior Broker, Norman will be responsible for driving Aon’s Risk Capital capabilities to help clients gain expertise on solutions across both Commercial Risk and Reinsurance, and to navigate volatility in the property reinsurance sector.

The executive will be reporting to Dustin Fabbian, senior broker and member of the property leadership team.

Commenting on his appointment, Norman said: “I am delighted to be joining this dynamic team where I can continue to serve clients as part of our Risk Capital strategy, working closely with the carriers whom I have enjoyed a strong relationship with over many years trading in the London, European and Bermuda markets.”

Norman has close to four decades of leadership expertise in the London and European property markets.

He has previously served in Aon’s Commercial Risk Solutions as head of global property broking within the Global Broking Centre.

During his career, he has led teams in Bermuda and London, building deep and long-standing relationships with many of Aon’s largest insurer clients.

Richard Wheeler, co-CEO of Global ReSpecialty at Aon, said: “We’re very excited that Dickie is joining us in Global ReSpecialty, and are confident that his expertise and relationships will support our clients’ continued successes.

“His extensive knowledge and experience in commercial risk will be invaluable in helping our property reinsurance clients to navigate markets cycles and will ultimately drive profitable growth and better decisions.”

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