28 May 2021 Insurance

Vesttoo hires State Street Bank executive as VP capital markets

Vesttoo, a global alternative reinsurance platform, has appointed a former State Street Bank and Credit Suisse executive to lead growth of its $1 billion insurance-linked program.

Robert Schumaker, former managing director at State Street Bank, and former vice president at Credit Suisse, is joining Vesttoo's team as vice president of Capital Markets.

Schumaker will lead Vesttoo's ILP Program, which offers asset managers and pension schemes the opportunity to earn long-term, sustainable alpha by pledging securities to support short and mid-term Life and P&C alternative risk transfer transactions. Investors will benefit from BB spread with AA uncorrelated risk by using existing securities inventory (corporate bonds, government bonds), with a significant global deal pipeline targeting a total AUM of $1 billion within 12 months.

"We are very excited to have Mr. Schumaker on board, and are looking forward to scaling Vesttoo's Insurance-Linked Program with the help of his expertise. The ILP program is an integral part of the company's effort to bridge the funding gap in the reinsurance market, providing sorely needed alternative capital to the reinsurance industry, as well as exceptional return on risk for investors," said Yaniv Bertele, CEO of Vesttoo.

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