Chubb appoints new president of Sovereign Risk Insurance

Chubb has appointed a new president for its political risk insurance and reinsurance underwriting division Sovereign Risk Insurance.

Natalie Chiaramonte (pictured) has been promoted to division president, succeeding Price Lowenstein, who plans to retire from the company.

Lowenstein, who has led Sovereign since he helped create the company in 1997, will assist with the transition in an advisory capacity through the end of 2022.

Chiaramonte has more than 25 years of experience in insurance and banking. She joined Sovereign in 2001 as a research analyst and transitioned to underwriting. She was named senior vice president in 2015 and chief operating officer in 2020. Prior to joining Sovereign, she was an assistant vice president with Bank of Bermuda (now part of HSBC), where she worked in Bermuda, Luxembourg and New York.

In her new role, Chiaramonte will have executive operating responsibility for the company, which provides political risk and sovereign credit insurance to commercial and investment banks, exporters, multinational corporations, export credit agencies, multilateral agencies and private equity investors.

She will report to John Lupica, vice chairman,  Chubb Group and president of North America Insurance, and Judy Gonsalves, division president,  Chubb Bermuda.

"Natalie is an insightful and professional political risk underwriter with strong knowledge and following in the marketplace among brokers, clients and partners," said Evan Greenberg, chairman and chief executive officer of  Chubb. "As Sovereign celebrates its 25th anniversary, I am confident that with Natalie's leadership we will continue to strengthen our market position in this highly specialised field."

Lupica added: "Price was instrumental in the formation of Sovereign and, in fact, was the business's very first employee. I want to thank him for his 25 years of service and for building Sovereign into the company it is today. On behalf of  Chubb, we wish Price the very best during his retirement."

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