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 led by former Aon executive Zach Breslin.
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 maturity to do that, and we were also looking for the right people to lead it,” said 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 brokerage̵7;s capital markets and insurance-related securities division.
The Lockton Re capital markets division will not have an income statement to meet, Gardner said.
“What we really want is for them to be able to work with clients in conjunction with the brokerage teams to say, ‘Is it a treaty solution?’ Is it a bonding solution? Is it a hybrid, and really explore the whole spectrum of the option and then put forward a very agnostic view, he said.