Aon snap up former Max Re boss Cooney
By Jonathan Kent
Max Re founder Robert Cooney has returned to the Bermuda reinsurance arena with his appointment on Friday as managing director of Aon Capital Markets.
Mr. Cooney, 53, will also take the role of vice-chairman of Aon Re Global (Bermuda), with the responsibility of expanding the Bermuda platform of one of the world's biggest reinsurance brokerages.
The appointment marks the second time in in a week that a former Bermuda company CEO has been hired by a global brokerage, after former Ace Ltd. boss Brian Duperreault was named CEO of Marsh & McLennan Co.s.
Mr. Cooney resigned as CEO of Max Re in October 2006, after the company restated five years of earnings following an internal probe into "finite" reinsurance contracts.
Max Re was one of several companies caught up in a widespread probe of finite insurance, which regulators say can be used to smooth earnings by delaying losses or profits to future quarters.
Under accounting rules, contracts that do not contain sufficient risk transfer to be described as insurance should be recorded as loans.
From Max Re's formation in July 1999, Mr. Cooney had served as a director and then as president and chief executive officer for seven years from September 1999.
As managing director of Aon Capital Markets, Mr. Cooney will be responsible for originating capital market and financial advisory transactions both in Bermuda and in the UK.
His Bermuda career goes back further, as before his stint with Max Re, he worked in several senior management positions at XL Capital Ltd. Between 1988 and 1998, his roles included president and chief executive officer of XL Insurance and executive vice-president of XL Capital.
Michael O'Halleran, executive chairman of Aon Re Global, described Mr. Cooney as "an industry expert with a proven track record in reinsurance and capital markets".
"Bob brings a significant amount of expertise and proven executive leadership ability to Aon Capital Markets," said Paul Schultz, president of Aon Capital Markets.
"We are excited to have someone of Bob's calibre join our rapidly growing capital markets and financial advisory business."
