Chubb has announced that Natalie Chiaramonte has been named president of Sovereign Risk Insurance Ltd, a leading Bermuda-based underwriter of political risk insurance and reinsurance.

Ms Chiaramonte previously served as senior vice-president and chief operating officer of Sovereign. She succeeds Price Lowenstein, who was one of the founders of Sovereign Risk in 1997.

In her new role, Ms 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, the vice-chairman of Chubb Group and president of North America insurance, and Judy Gonsalves, the division president of Chubb Bermuda. The appointment is effective immediately.

“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.“

Ms Chiaramonte succeeds Price Lowenstein, who is planning to retire from the company. Mr Lowenstein, who has led Sovereign since he helped create the company in 1997, will assist with the transition in an advisory capacity until the end of 2022.

"Price was instrumental in the formation of Sovereign and, in fact, was the business's very first employee," said Mr Lupica. "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."

Ms 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.