Lockton recruits former Aon executive to launch capital markets division

MONTE CARLO, Monaco – Lockton Re, the reinsurance brokerage unit of Lockton Cos. LLC, said Sunday it is launching a capital markets division, which will be headed by former Aon executive Zach Breslin.

The capital markets capability is a new focus for Lockton Re, said Tim Gardner, New York-based global CEO of Lockton Re, during an interview at the Rendez-Vous de Septembre reinsurance meeting in Monte Carlo, Monaco.

“We had always expected to build a capital markets capability. There was a right time in our maturation to do it, and also we were looking for the right people to lead it,” said Mr. Gardner, who joined Lockton Re in 2019. “It’s particularly timely given the constraints we expect to see in the cat market.”

Mr. Breslin was previously a managing director at Aon Securities, the brokerage’s capital markets and insurance-linked securities division.

The Lockton Re capital markets division will not have profit and loss statement to fulfill, Mr. Gardner said.

“What we really want is for them to be able to work with clients in conjunction with the broker teams to say, ‘Is it a treaty solution? Is it a bond solution? Is it a hybrid,’ and really explore the full gamut of the optionality and then put forward a very agnostic view,” he said.