Aon has incorporated its UK surety team into its global credit solutions practice, the latest in a series of moves to encourage convergence across historically distinct products in response to shifting client needs. 

The announcement follows last year’s integration of Aon’s political risk and structured credit team within its global credit solutions practice, part of a five-year effort to bring together insurance products that have remained separate. 

That decision aimed to help clients benefit from portfolio pricing and risk analysis associated with multi-debtor insurers, as well as take advantage of the non-cancellable flexible nature of single buyer insurers. 

Aon says the latest move “is another key milestone in Aon’s journey as we continue to structure our relevant capabilities and expertise, enabling us to deliver client value and impact across the full suite of credit-related product categories”, including trade credit, political risk, structured credit and surety. 

The broker is also integrating its UK and Emea offerings into one combined region. London-based head of surety Mark Holt and Emea surety leader Ruggero Nicodemo will jointly lead the unit. 

Aon has also rehired Barrie Watson, who joined Marsh two years ago as senior vice-president, credit specialties. Watson had previously spent more than a decade at Aon, including as executive client director at Aon Trade Credit’s special products division. 

He will work alongside team leaders Alice Black and Sarah Taylor, reporting to chief commercial officer Gary Lorimer from a product speciality perspective. 

Dan Storr takes up the role of commercial director for Emea, while Lorimer, along with credit solutions deputy global head Steve Taylor and chief operating officer Nic Carreño, will oversee the integration and future growth plans. 

The surety team will remain “an integral part” of Aon’s Global Broking Centre, led by Holt. 

Aon’s credit solutions global practice places US$2.3bn premium per year, equivalent to around a fifth of broker market share, it says.