Swiss Re Financial Products is looking to beef up its credit derivatives team in New York, according to market officials. The firm recently hired Steven Olentine, credit derivatives marketer for U.S. clients at Morgan Stanley, as a structured credit derivatives salesman in New York. Olentine was the first of at least five more hires the firm is looking to make over the next several months as part of an ongoing push into the credit derivatives market, according to headhunters. "Swiss Re is really taking the lead in the move by a lot of reinsurance companies to get a stronger foothold in credit derivatives," said one market professional. Olentine and a spokeswoman at Swiss Re did not return calls.
Market players said the move to expand the team is part of Swiss Re's mandate to broaden the range of risk financing transfer products it offers its insurance company client base. It's the perfect convergence play for Swiss Re," one market player said.