Michael LaRocca has been named head, property specialty lines North America for Swiss Re Corp. unit Swiss Re Corporate Solutions, effective Wednesday, said Swiss Re in a statement Monday.
Mr. LaRocca, who will be New York-based, replaces Jamie Miller, who was named North America property chief underwriting officer, general insurance, by American International Group Inc. in June.
A Swiss Re spokeswoman referred questions on Mr. LaRocca’s previous positions to LinkedIn, which indicates he was previously chief underwriting officer, property North America, at XL Catlin.
Swiss Re said in its statement that in his new role Mr. LaRocca will be responsible for managing the strategy, development and performance of the company’s property and specialty lines portfolio.It said he will oversee the general property, energy property, excess and surplus property, engineering and construction, general aviation and marine teams throughout the U.S. and Canada.
Swiss Re Ltd. expects reinsurers across the world to consolidate as the distinction between insurers and reinsurers gets increasingly blurred, Reuters reported. Frank Reichelt, an official at Swiss Re, said that insurers are increasingly expanding into the reinsurance business while reinsurers have started underwriting insurance to retain access to certain markets. Mr. Reichelt said that reinsurers currently do not earn their cost of capital due to increasing competition from new players such as hedge funds.