• Munich Re establishes Bermuda life reinsurance entity
• Arch appoints Executive VP and CFO
• DARAG completes first transaction with New Nordic
• Munich Re America appoints team leader for credit surety and political risk

The new entity, named Munich Re of Bermuda, will take on life risks from across the group and will act as an internal consolidator of life risks and retrocessionaire to other entities within the group.

Previously the company was named Princeton Eagle West Insurance Company Limited and was authorized to underwrite run-off property and casualty re/insurance risks.

Munich Re will provide the new entity with an excess of retention and excess of loss reinsurance treaty to protect its portfolio, as well as explicit support thanks to a capital contribution of $330 million, the report said.

Munich Re of Bermuda has also received a Class C approval from the Bermuda Monetary Authority, meaning it can act as an authorized reinsurer of the Munich Re group for certain life risks.

Mr. Morin succeeds current CFO Mark Lyons, who is leaving Arch to become Senior VP and Chief Actuary, General Insurance at American International Group.

Mr. Morin first joined Arch in 2011 and currently serves as SVP, Chief Risk Officer and Chief Actuary.

He brings with him almost 30 years’ experience in the insurance industry and will report to Marc Grandisson, President and Chief Executive Officer of Arch.

Mr. Grandisson said: “Anyone who has followed our company knows one of Arch’s strengths is its deep pool of talent.

“François’ extensive experience leading Arch’s actuarial and enterprise risk management practices gives him valuable perspective into all financial and capital aspects of our Company.”

As part of the transaction, DARAG and New Nordic will acquire two portfolios of Qudos Insurance, which was first acquired by New Nordic in 2017 through a join cell structure.

According to the release, this is the first in a series of joint cell transactions which will see DARAG and New Nordic combine forces to deliver a holistic solution to clients.

Nicolai Borcher Hansen, New Nordic Chief Executive Officer, said: “The team at New Nordic Advisors is delighted to have negotiated, on behalf of Qudos Insurance, the first in a series of portfolio transfer agreements with DARAG, signifying the deepening of the strategic relationship between our firms.”

Stuart Davies, Executive Chairman of DARAG, said: “As DARAG has continued to grow, we have remained true to our client focused approach of delivering bespoke solutions that enable them to concentrate on their core business.”

In her new role, Ms. Puccio will be responsible for managing and growing the surety, trade credit and political risk business portfolio.

She succeeds Frank Bonner who will retire after 40 years with Munich Re America.

Ms. Puccio first joined the company in 2017 as Vice-President and Production Underwriter for the credit, surety and political risk business.

Steve Levy, Chief Executive Officer and President for the Reinsurance Division, said: “Having spent her entire career in the field of surety and credit insurance, Sarina brings deep industry expertise to her new role.”