Aon plc has appointed Stephen Fox and Brian Hearst to connect underwriting appetite with capital deployment in digital infrastructure projects, responding to rising demand for data centres, cloud capacity and AI-related assets.
The appointments place builders risk within the firm's approach to digital infrastructure, with Hearst named global digital infrastructure builders risk leader. His role includes advancing builders risk solutions for clients delivering large-scale construction projects across digital infrastructure, life sciences and other capital-intensive sectors.
"Builders risk is a critical enabler for clients bringing complex projects to market," said Hearst. "I'm thrilled to step into this role and to work with colleagues around the world to continue delivering strong execution, deep expertise and consistent outcomes for clients navigating increasingly complex construction environments."
The appointments come during a period of sustained investment in digital infrastructure. Industry estimates cited by Allianz Commercial, Morgan Stanley and McKinsey indicate investment could reach about US$3 trillion by 2029 and approach US$7 trillion by 2030. Reporting on broker disclosures also points to between 2,000 and 3,000 data centres expected to be built globally over the next five years.
Market commentary published alongside broker earnings has identified capacity constraints linked to the scale of individual risks. Participants have noted that single-location exposures can require significant limits, leading to greater reliance on reinsurance and alternative capital, including third-party structures.
In this environment, construction-related covers, including builders risk, are being considered earlier in the project lifecycle, in line with the need to align insurance with financing and delivery requirements.
Aon's strategy includes its Data Center Lifecycle Insurance Program (DCLP), introduced in 2025 and later expanded to US$2.5 billion in total capacity. The facility combines construction, cyber, cargo and operational risks within a coordinated structure.
The programme provides up to US$2.5 billion in cover for construction all risks, delay in start-up and operational property damage and business interruption. Cyber-related cover is available up to US$400 million, alongside US$100 million for third-party liability, excluding US exposures, and US$500 million for project cargo and transport. The expansion of DCLP forms part of a wider market response. FM has increased its data centre capacity to US$5 billion through its FM Intellium unit, while Marsh has developed its "Nimbus" facility with capacity of US$2.7 billion for data centre construction projects across multiple regions.
Hearst joined Aon in 2018 and has worked with developers and investors on projects across North America, Europe and Asia, focusing on the structuring and placement of builders risk programmes.
His current position follows roles within Aon as managing director for data centre and life sciences builders risk, alongside a period in broking leadership from 2021 to 2025.
Before joining Aon, Hearst was senior vice president and strategic leader for construction and wrap-up at Lockton Companies from 2018 to 2021. He also served as vice president and director of project risk services at IMA Financial Group between 2016 and 2018, overseeing construction services operations and advising on builders risk and contractor-controlled insurance programmes.
Earlier in his career, Hearst worked at Willis Towers Watson from 2011 to 2016 as regional project insurance leader for the western United States, handling project insurance development, wrap-up feasibility and programme placement across multiple states. He also held roles at Sound Transit, Parker, Smith & Feek and St. Paul Companies, covering insurance functions, broking and construction claims and underwriting.
Aon said he brings nearly four decades of experience across claims, underwriting, broking and risk management.
Fox joins as managing director for digital infrastructure strategy and will operate within Aon's Digital Infrastructure Lifecycle Solutions Practice, led by Joe Peiser, CEO of Risk Capital. The practice focuses on structuring investments by aligning underwriting appetite, technical risk insight and access to diversified sources of capital earlier in the project lifecycle.
"As digital infrastructure becomes more capital intensive and systemically important, clients need advisors who can bridge technical risk, underwriting appetite and access to diversified sources of capital," said Peiser. "These appointments reinforce our commitment to delivering integrated Risk Capital strategies that help clients manage volatility, unlock capacity and build resilience across their most complex assets."
"I'm excited to join Aon at a time when digital infrastructure risk and capital considerations are converging in new ways," said Fox. "By aligning design intent, resilience and risk mitigation with underwriting and capital expectations early, we are materially improving client outcomes, from access to capacity through to long term capital efficiency."
Fox brings more than 30 years of experience across property risk engineering, resilience, business continuity and advisory, with previous roles at Marsh, JLT Specialty, GlobalFoundries, Intel, Samsung and FM.
Aon said demand for digital infrastructure is increasing the complexity of financing and insurance requirements. The appointments support an approach that brings together underwriting appetite, technical risk assessment and capital access within a single framework for large-scale projects.
