Aon

Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.

It is understood that he will work on large global client accounts and staff mentoring.

Storms from 16-23 June added to a “very active” quarter for the peril.

Pietro Toffanello will be based in Milan and report to reinsurance solutions' EMEA co-CEOs Tomas Novotny and Alfonso Valera.

Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.

Aon claims PFI head Paul Tubb unlawfully recruited five colleagues for Howden’s construction unit.

The industry veteran replaces Melissa Thomas, who took over the Cayman business a year ago.

The move follows a restructure of the broker’s London reinsurance unit last year.

Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.

The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.

The broker leads a team specialising in the placement of various subsea technology risks.

Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.