Swiss Re, the bond reinsurance giant, has hired Frank Ronan, the former global head of structured credit products at Chase Securities, for its Swiss Re Financial Products unit in New York. Additionally, it has also addedDavid Hough, who was a senior structured finance executive at ABN Amro, to its Swiss Re New Markets unit. Both positions are newly created, according to a spokeswoman at Swiss Re in New York.
Ronan joined with the title of head of credit. He will report directly to Phil Lotz, chief operating officer. While he was structured credit products chief at Chase he reported to John Steinhardt andBill Finnegan. He left the firm in December in the midst of the merger with J.P. Morgan when it became clear that the senior departmental positions would go to J.P. Morgan executives. From 1986 to 1999, Ronan worked at Merrill Lynch, where his last title was global head of credit derivatives and CDOs/CLOs, according to a Swiss Re spokeswoman. Ronan declined comments.
Hough joins Swiss Re New Markets as associate director in its financial solution unit. He says he will be responsible for the structuring and execution of new asset classes, such as esoteric asset-backed notes or bonds backed by intellectual property assets. Hough was v.p. in ABN Amro's telecommunications, media & technology structured debt unit. He reported to Nan Logan. Hough says he made the move because of the challenge of working with new asset classes.