Willis, a WTW business, has appointed Andy Chang as growth leader for its global direct and facultative (D&F) business. The hire lands as demand for facultative reinsurance rises across the market, even as rates fall to their lowest point in over a decade.
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, global head of direct and facultative at Willis.
Facultative reinsurance has moved well beyond its traditional role as a last-resort tool for problem risks. Willis's own Facultative Global Survey 2026, published this month, found that 60% of insurers plan to increase their use of fac over the next two years, against just 13% who expect to buy less. Capital management was the top driver cited by the 380 senior insurance executives surveyed, named by 52%, up from 44% in 2024.
Global expansion ranked as a leading opportunity for 56% of respondents, up from 39% two years earlier. That shift means insurers are leaning on facultative capacity to fund growth into new geographies and risk classes, rather than simply to plug treaty gaps. The work requires both the placement relationships and cross-border technical knowledge to execute. As the Willis Facultative Global Survey 2026 shows, the risks driving that expansion are also growing more acute.
Rate reductions are reshaping the competitive landscape. According to Gallagher Re's Global Facultative Market Report for January 2026, average property facultative rates in the US and Canada fell by 25% to 30% at the January renewals, with even loss-affected accounts seeing double-digit reductions.
Average property facultative rates in the US and Canada fell by 25% to 30% at the January 2026 renewals, with even loss-affected accounts seeing double-digit reductions. Moody's described those conditions as the steepest pricing decline in over a decade.
According to Willis, Chang brings experience across retail, wholesale, and reinsurance, including complex international placements and cross-border solutions. The Chang hire follows three senior appointments Willis made to its GB facultative team in November 2025.
