Investment Banking for the Insurance Industry
How can third‑party capital unlock strategic growth?
Third party capital markets have real momentum with catastrophe bond issuance near record highs and insurers diversifying capital strategies. When those capital choices are connected to underwriting, reinsurance and corporate finance decisions, risk shifts from a constraint to a strategic growth engine.
Aon Securities, LLC (Aon)1 is an insurance-focused investment bank that provides advisory and capital markets solutions to (re)insurers, corporates, government entities and investors. We work with clients to assess objectives, evaluate capital and strategic alternatives, and execute transactions to support their risk, capital and growth priorities – including reducing earnings volatility, lowering the cost of capital, and meeting stakeholder expectations.
By combining the (re)insurance experience of Aon Securities’ investment banking professionals with Aon’s broader corporate finance, (re)insurance consulting, analytics and broking colleagues, we aim to offer clients with a holistic perspective to enhance capital efficiency, strengthen the investor and rating agency narrative and unlock new capital for strategic growth.
Why Work With Us
Proven investment banking track record
Aon Securities is the largest and most experienced global ILS investment bank with dedicated talent and a global footprint to support clients:2
- 240+ repeat clients highlighted as bank of choice
- 82+ unique clients representing, over half brought to market
- 49+ new clients brought to market
- Nearly 50% of outstanding cat bond limit placed with over 235 deals representing 43% of the market
40+ dedicated insurance investment banking colleagues
Hundreds of years of combined investment banking experience with expertise across ILS, Debt, Equity and M&A. Given our broad touchpoints throughout the industry, we dedicate robust deal teams to a variety of transactions, which ensures that you get the upmost attention to your transaction regardless of size
Recognized industry leader3
- 2025 Insurance Insider ILS “Broker Dealer of the Year” award
- 2025 Insurance inside ILS “Closing the Protection Gap” award – for Puerto Rico Parametric Re transaction
Benefits from Aon’s global scale and breadth
Our investment banking division provides our clients with full access to our analytics suite of services, including rating agency and regulatory capital, due diligence consulting, and reinsurance broking, to support corporate finance activities. Market practitioners’ data-driven insights from 5,000 reinsurance colleagues spanning strategy consulting, reinsurance analytics and broking, P&C and Life actuarial, U.S. GAAP and IFRS accounting, investment banking, rating agency advisory and operations
In-depth insurance industry knowledge and extensive relationships
Aon’s deep insurance knowledge, leading innovation and technical expertise, together with extensive relationships across capital providers, enable us to structure and execute complex, capital-intensive transactions.
240+
repeat clients highlighted as bank of choice
The catastrophe bond and broader third-party capital markets have entered 2026 with strong momentum, with continued issuance activity, expanding sidecar capacity and growing participation from cedents. Aon Securities works with clients and investors across this market, developing capital solutions informed by market data and relationships with a broad range of market participants.4
How Aon Can Help
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Capital Raising5
Insurance-Linked Securities
Structuring and placing catastrophe bonds, sidecars, collateralized reinsurance and ILWs to help (re)insurers transfer risk, improve capital efficiency and diversify sources of capital.
Private Credit Solutions, including surplus notes
Advising on debt capital raises to support (re)insurers capital position, meet regulatory requirements, improve financial ratings and stability, subject to market conditions and regulatory approval.
Private Equity Solutions, including new company formations
Supporting clients and sponsors with business planning, initial credit and financial strength rating, regulatory approvals and licensing, and other post-launch services like building distribution partnerships, buying reinsurance/retrocession, pursuing acquisitions or expanding geographically. -
Mergers and Acquisitions Advisory
For buy-side processes, Aon advises (re)insurers on ‘buy versus build’ strategies including:
- Identifying targets
- Conducting valuation analysis
- Supporting due diligence, transaction negotiation and structuring
- Advising on capital, financing, and post-merger integration
For sell-side processes, Aon advises (re)insurers on strategic alternatives and valuations including:
- Developing an optimal approach intended to achieve the seller’s goals
- Managing the overall process, transaction negotiations and structuring
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Lloyd’s Capital Solutions and Advisory
Startups
End-to-end advisory for Lloyd’s syndicate start-ups including business planning, application support and capital optimization.
Funds at Lloyd’s
Raising and structuring Funds at Lloyd’s for both new and established syndicates.
Third-Party Capital
Connecting a diverse range of capital sources to syndicates, aligning investor needs with long-term market stability.
Our team evaluates a wide range of capital sources and structures, with a focus on understanding each client’s strategic objectives. Drawing on experience across private credit, equity and M&A advisory engagements, we aim to bring an objective, solutions driven perspective to each situation.
We pride ourselves on combining focused technical expertise in insurance valuation analysis, financial and capital modeling, and reinsurance structuring with disciplined processes, so that our clients can meet their strategic and financial goals, manage key stakeholders, and still focus on their day-to-day responsibilities.
Select Recent Transactions7
- January 2026: Exclusive Buy-Side Financial Advisor to MEMIC on the acquisition of the Dakota Group
- December 2025: Creation of Property and Specialty Syndicate 1918 for Santam
- December 2025: Creation of Trade Credit Syndicate 1864 for Atradius
- February 2025: Sole Structuring and Placement Agent to US P&C Insurer for $500M Surplus Note
- January 2025: Exclusive Buy-Side Financial Advisor to BF&M Limited on merger with Argus Group
- December 2024: Sole Structuring and Placement Agent to Global Specialty Reinsurance Company Sidecar
- December 2024: Sole Structuring and Placement Agent to E&S Insurer on $45M Bank Loan Financing
- November 2024: Creation of OAK Re Syndicate 2943
- August 2024: Sole Structuring and Placement Agent to Property (Re)Insurer on Sidecar
- June 2024: Exclusive Sell-Side Financial Advisor to Global Industrials Corporate on the sale of their P&C Carrier Subsidiary
- January 2024: Sole Structuring Agent to Personal Lines Insurer Sidecar
- January 2024: Sole Structuring Agent and Financial Advisor to Healthcare Company on $100M Private Credit Facility
$100B
Total capital raised6 by Aon Securities surpassed $100B in 25 years, of which ~$50B in 7 years
More Insights
Explore the latest impactful insights to help you make better business decisions.
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Insights
Reinsurance Market Dynamics -
Insights
Insights for Insurers
Disclosure
Aon Securities may from time-to-time act for both issuers and investors in transactions and may have interests that differ from those of a particular client. This material is intended for general informational purposes only and may be publicly available. It is directed at institutional and professional audiences and is not intended for retail investors. Nothing herein constitutes a recommendation, offer to sell or solicitation of an offer to buy any security or to participate in any investment strategy. Availability of the products and services described may be restricted by applicable law and may not be suitable for all investors.
1 Investment banking and capital markets activities are conducted by Aon Securities LLC, a FINRA registered broker dealer and a member of SIPC. Other Aon entities provide consulting, analytics and broking services.
2 Market position, transaction statistics and client figures are based on Aon Securities’ internal records and publicly available data and may not be comparable to other firms’ methodologies. Figures reflect activity over applicable measurement periods and are subject to change.
3 Awards referenced are based on submissions and/or third-party evaluations for the stated period and may not be indicative of future performance. No compensation was paid for inclusion unless explicitly stated.
4 Statements regarding market conditions, trends or future activity reflect views as of the date indicated and are subject to change without notice.
5 Certain products and transactions described herein may involve securities offerings conducted pursuant to applicable exemptions from registration and may be available only to qualified institutional buyers or other eligible investors.
6 These aggregate figures reflect total capital raised across insurance-linked securities, private credit, private equity and related solutions in transactions in which Aon Securities acted in a lead, joint or other advisory capacity, based on internal records and publicly available transaction data. Such figures are not indicative of future transaction activity or results and may not be comparable to other firms’ methodologies.
7 Past transactions are not a guarantee or indication of future results. The specific terms, pricing and availability of any future transaction will depend on market conditions, investor interest, regulatory considerations and the circumstances of each client. Aon Securities may have acted in different roles (including financial advisor, placement agent or structuring agent) in the transactions listed. This information is provided for illustrative purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security.
i Submission of information through this form does not create an advisory, client or fiduciary relationship.
