Bernina Re launches in Bermuda with CEO appointment

Recently established Bermuda domiciled reinsurance company Bernina Re has appointed Michael McKnight to the position of chief executive officer & chief risk officer effective as of 28 May 2018.

Bernina Re is a key addition to the platform of Credit Suisse Insurance Linked Strategies (CS ILS) and currently manages over $2 billion in trading volume, the company said. Bernina Re is Solvency II compliant allowing CS ILS to more efficiently underwrite reinsurance contracts in other Solvency II compliant domiciles such as Switzerland, EU and Japan, according to a company statement.

CS ILS is one of the two largest ILS fund managers globally with assets under management of approximately $9 billion. CS ILS has developed a broad market access platform, with ILS positions being held within the cat bond market and in the traditional reinsurance market using a combination of collateralized reinsurance, rated reinsurers and a Lloyd’s syndicate. The goal of Bernina Re is to be the flagship transformer for CS ILS.

McKnight brings over 30 years of insurance experience to Bernina Re, with most of that time dedicated to the Bermuda marketplace. His prior positions include chief actuary & chief risk officer for Third Point Re, chief actuary for Max Capital Group and chief underwriting officer for Gerling Global International Reinsurance Company.

Niklaus Hilti, CEO of CS ILS, commented: “We have chosen to establish Bernina Re in Bermuda at this time for numerous reasons including the fact that it is a highly respected jurisdiction and enjoys Solvency II equivalence with Switzerland and other European countries. Furthermore, Bermuda is a well-established international insurance industry jurisdiction that is held in high regard throughout the insurance and reinsurance community.”

McKnight added: “I have been following the progress of CS ILS for years and have always been impressed by their innovation in the ILS space. They have a proven track record of both attracting capital and deploying that capital in an efficient and profitable manner. The head of CS ILS, Niklaus Hilti, has assembled a tremendous team of talented professionals, and I look forward to working closely with them.”