Swiss Re unveils new capital markets unit in Brexit move

Swiss Re has formed a new capital markets unit in Luxembourg and applied for authorisation to trade with EEA based clients to ensure trading continuity post-Brexit.

The reinsurer said many of its European clients currently trade insurance linked securities (ILS) and certain weather derivative products with its London-based carrier Swiss Re Capital Markets (SRCML), which is regulated by the Financial Conduct Authority (FCA).

The new entity, Swiss Re Capital Markets Europe SA (SRCME), will allow Swiss Re to continue to transact with the trading partners in Europe after the UK leaves the European Union on March 29, 2019.

Stuart Brown, currently the head of origination weather and energy for EMEA and APAC, environmental and commodity markets and MGA, has been appointed as the chief executive officer of SRCME.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Energy firm cleared of Tubbs fire files for bankruptcy 

WR Berkley shrinks reinsurance as it “de-emphasizes less attractive opportunities”

California wildfires dent RenRe’s profits but it sees strong growth

QBE merges Asia operations in optimisation push

AXIS Re taps Gen Re VP for Canadian underwriting business

Lloyd's appoints former US Senator John Sununu to council 

RFIB hires new reinsurance CEO for Asian expansion

Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'