Energy start-up Alesco lures major Aon producer.

It is understood that Farnan, an Energy market veteran with 30 years experience in the global market, is due to head up a new Alesco office in Houston, where he is currently based.

Alesco, an Independent onshore / offshore energy "wholesaling" start-up, was launched earlier this year and is 65 percent owned by Arthur J Gallagher International with 35 percent employee equity. Headed by Chairman John Hastings-Bass, Alesco’s operation is driven by ex-Aon executive Simon Matson, who leads the unit which provides specialist risk based services to the energy sector.
 
Farnan, who moved to North America in 1992 and was a founding member of Alexander Howden Energy Inc, which later became Aon, would not confirm his position or job title at Alesco. At Aon International Energy Inc Farnan produced, marketed and serviced numerous major energy / utility accounts.

Farnan explained his move to the broking start-up, saying: “At a time of close to record commodity prices the energy industry faces many challenges, not least of which, is how best to handle their increasingly complex risk portfolios.

“Whilst higher prices have led to many oil and gas companies recording stellar profits, they have also resulted in a re-evaluation of the exposures they face. As a result many buyers have dramatically increased both their physical asset values as well as the amounts they are exposed to for financial loss, in order to adequately protect them in the event of a catastrophe loss,” he added.

 "Global broking dynamics have shifted dramatically in recent years and I believe that it is an exciting time for those of experience and entrepreneurial spirit to be providing innovative risk solutions to clients" he concluded.
 
Farnan began his career in 1979, working with Prudential’s Marine underwriting division before joining start up broker Lloyd Thompson Ltd’s wholesale US energy business in 1983.
  
Farnan’s departure from Aon energy swiftly follows that of Graham Farebrother, who is thought to have also resigned this week from the broking giant, who is understood to have joined A J Gallagher's Houston based Energy Practice. 
 
The London-headquartered start up already numbers 15 employees and has "hand picked" experienced staff from across the marketplace.
 
It is understood that another key hire for the unit is Derek Thrumble, actuary, executive director and senior analyst at Aon Natural Resources & Construction division – who is due to start in October, although Alesco could not confirm this.