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Member, Beacon International Group, Ltd.
LONDON-Swiss Reinsurance Co., the second-largest reinsurer in the world, is setting up a division specializing in alternative risk transfer mechanisms.
Swiss Re New Markets will have offices in Zurich, New York and London and will consolidate Swiss Re's current ART operations for both corporate insurance buyers and insurance company clients, beginning July 1.
Several joint ventures will trade under the Swiss Re New Markets banner, though they will keep their current identities. These include International Risk Management Group, Securitas Capital L.L.C. and Reinsurance Finance Consultants in Zurich, a joint venture with Swiss bank Credit Suisse.
Swiss Re and Credit Suisse have partnered in several ART ventures, including New York-based Swiss Re Financial Products.
Swiss Re Chief Executive Officer Walter Kielholz said the new division will focus on product innovation and client service.
"We believe that we have something unique to offer to our insurance and corporate clients: a complementary access to a structure of highly skilled and responsive service teams who will work. . .to develop comprehensive, tailor-made solutions with maximum efficiency," Mr. Kielholz said.