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Willis appoints growth leader for global direct and facultative unit
Willis said rates have fallen to their lowest point in over a decade as it noted growing insurer plans to increase facultative reinsurance use, with 60% expecting to buy more over the next two years.
Willis, the WTW business, appointed Andy Chang as growth leader for its global direct and facultative, or D&F, reinsurance business, as demand for facultative reinsurance rises across the market even while rates remain at decade low levels, Insurance Business reported.
Chang joins Willis from Aon, where he most recently served as head of alternative distribution. He will be based in Miami and report to Garret Gaughan, Willis's global head of direct and facultative.
Willis said its Facultative Global Survey 2026, published this month, found that 60% of insurers plan to increase their use of facultative reinsurance over the next two years, compared with 13% who expect to buy less.
The survey, which polled 380 senior insurance executives, cited capital management as the top driver for the shift, named by 52%, up from 44% in 2024, while global expansion was cited by 56% of respondents, up from 39% two years earlier.