Willis, a WTW business, has appointed Andy Chang as the growth leader for its global direct and facultative (D&F) business. This appointment comes as demand for facultative reinsurance rises in the market, despite rates falling to their lowest point in over a decade.
Chang joins Willis from Aon, where he was the head of alternative distribution, and he will be based in Miami, reporting to Garret Gaughan, the global head of direct and facultative at Willis.
Fac shifts from backstop to strategy
Facultative reinsurance has evolved from being a last-resort solution for challenging risks to a strategic tool. According to Willis’s recent Facultative Global Survey 2026, 60% of insurers plan to increase their use of facultative reinsurance over the next two years, contrasting with just 13% who expect to reduce their purchases. The primary driver for this shift is capital management, identified by 52% of the 380 senior insurance executives surveyed, up from 44% in 2024.
Global expansion emerged as a significant opportunity for 56% of respondents, an increase from 39% two years ago. Insurers are now relying on facultative capacity to support growth into new geographies and risk classes, rather than merely addressing treaty gaps. This development necessitates strong placement relationships and cross-border technical expertise. The Willis survey indicates that the risks associated with this expansion are becoming increasingly acute.
A soft market sharpens the competition
Current rate reductions are transforming the competitive landscape. According to Gallagher Re’s Global Facultative Market Report for January 2026, average property facultative rates in the US and Canada have decreased by 25% to 30% during January renewals, even affecting accounts that experienced losses. Moody’s has deemed these conditions as the steepest pricing drop in over a decade.
Willis notes that Chang brings a wealth of experience across retail, wholesale, and reinsurance sectors, including complex international placements and cross-border solutions. His appointment follows three senior appointments made by Willis to its GB facultative team in November 2025.
