Specialty insurer and reinsurer Catlin Group Limited has appointed Peter Schmidt as chief executive officer for European Reinsurance. He will also serve as CEO of Catlin Re Switzerland, which subject to regulatory approval will begin writing specialty classes of reinsurance for European clients later this year. He will be responsible for the operations of Zurich-based Catlin Re Switzerland as well as the reinsurance underwriting operations of all Catlin offices in Europe.
He reports to Paul Brand, Group chief underwriting officer and CEO of Catlin’s European operations.
Schmidt joins Catlin from Atradius N.V., where he was chief market officer and a member of the Group Management Board. Before joining Atradius in 2008, he held various senior management positions at Swiss Reinsurance Co.
Catlin announced in June that it had applied to the Swiss Financial Market Supervisory Authority (FINMA) to establish Catlin Re Switzerland. The formation of Catlin Re Switzerland will allow Catlin to write classes of European reinsurance business that are not currently underwritten elsewhere within the Catlin Group, focusing on classes where underwriting conditions are favourable.
Martin Hochstrasser and Markus A Eugster have also joined Catlin Re Switzerland as underwriting directors and will manage the Trade Credit, Political Risk and Surety reinsurance portfolio that the company will initially underwrite.
Hochstrasser was most recently executive director at EFG Financial Products in Zurich and was previously a managing director at Swiss Re with key responsibilities for Credit and Surety Reinsurance, Trade Finance, Political Risk and Structured Credit underwriting.
Eugster most recently was the principal of MA Eugster Consulting, which held mandates for Atradius Italy and UK investment management firm Channel Capital Advisors LLP. He had previously held managing director positions with Swiss Re.
Catlin Re Switzerland will be established as a subsidiary of Catlin Bermuda (Catlin Insurance Company Ltd.) and will be capitalised at approximately $1 billion. Much of that capital will be allocated to a Bermuda branch of Catlin Re Switzerland, which will be established upon authorisation by the Bermuda Monetary Authority. The Bermuda branch will initially underwrite reinsurance of various Catlin Group subsidiaries; this reinsurance is currently written by Catlin Bermuda. This structure will provide the Group with increased capital flexibility.
Was this article valuable?
Here are more articles you may enjoy.