Bernina Re created on Bermuda
Bernina Re, which recently domiciled in Bermuda, has announced that Michael McKnight has been appointed chief executive officer (CEO) and chief risk officer. Bernina Re is part of the platform of Credit Suisse Insurance Linked Strategies (CS ILS).
Niklaus Hilti, CEO of CS ILS, states “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.
“We believe Michael brings a unique skillset to our team and has the experience to lead Bernina Re as we build out the platform. Proper risk management and governance are fundamental cornerstones of our operation, and we believe Michael will be key in assuring that we adhere to our high standards.”
McKnight is a 30-year veteran of the insurance industry, with most of that time dedicated to the Bermuda marketplace. His prior positions include chief actuary and chief risk officer for Third Point Re, chief actuary for Max Capital Group and chief underwriting officer for Gerling Global International Reinsurance Company. He is a property and casualty actuary, and a member of the Casualty Actuarial Society and American Academy of Actuaries.
“I have been following the progress of CS ILS for years and have always been impressed by their innovation in the ILS space,” said McKnight. “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.”
Bernina Re described itself as a key addition to CS ILS and currently manages over $2 billion in trading volume. 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.
CS ILS is one of the two largest ILS fund managers globally with AUM of approx. $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 collateralised reinsurance, rated reinsurers and a Lloyd’s syndicate. The goal of Bernina Re is to be the flagship transformer for CS ILS.
