Swiss Re creates global fac reinsurance unit

Swiss Re has announced the creation of a new global facultative reinsurance market unit, led by Sanaa Souidi (pictured).

The reinsurer said the new fac unit of its property and casualty reinsurance business would aim to enhance client experience by faster decision-making and by harnessing the reinsurer’s capabilities globally.

As part of the reshuffle, Blake Kuppersmith has been promoted to lead facultative reinsurance for North America.

Facultative reinsurance is sold on a per risk basis, transferring risk for individual assets or fleets of assets against a given peril, rather than reinsuring a whole book of business on a broader portfolio or treaty basis.

Kuppersmith has spent nearly 22 years at Swiss Re, holding a number of key leadership roles, most recently, head of facultative property for North America.

Souidi has spent the past eight years at Swiss Re, joining as vice president and senior risk analyst for group risks and analytics.

Since then, she has held various senior roles, most recently serving as managing director and head of property and casualty facultative EMEA.

Before joining Swiss Re, Souidi spent eight years at Bermudan rival PartnerRe, most recently as a catastrophe underwriter.