Global reinsurance specialist Swiss Re has appointed Daniela D’Andrea to be the new CEO of its Italian business, as the previous head of Italy, Carlo Coletta, moves onto a new role leading legal and finality, run-off, solutions for the EMEA region.
Carlo Coletta has been with Swiss Re since 1997, with the last 6 years leading the Italian market for the reinsurer. He has over thirty years of insurance and reinsurance industry experience, which will be put to good use in his new role leading the delivery of run-off, or legal finality solutions, across the Europe, Middle East and Africa (EMEA) region from July.
Daniela D’Andrea, currently leading life reinsurance for Swiss Re in Italy as well as taking the lead for some large clients, will take over the role of leading the Italian branch and market activities at Swiss Re.
As CEO of Italy for Swiss Re, D’Andrea will report to Claudia Cordioli, who is responsible for the Italian, Iberian markets and the Mediterranean area at the reinsurer.
D’Andrea, a trained attorney, joined Swiss Re in 2000 and has gained experience across the life market in Italy as well as with some large non-life clients.
The shift to legal finality or run-off solutions in the EMEA region signifies the importance of providing legacy solutions to insurers these days. Swiss Re said that it sees the transfer and acquisition of run-off portfolios of insurance and reinsurance risk as tools that are increasingly being used by re/insurers to enhance their operational efficiency.
The company sees an opportunity to put its extensive network and experience to good use helping re/insurers to offload legacy books of business, giving Swiss Re the chance to try to manage those books through to finality more profitably.