Bermuda-based Catlin Group Ltd. has announced that Peter Schmidt has been appointed CEO of the company's European reinsurance operations.

Mr. Schmidt will also serve as CEO of Catlin Re Switzerland, which subject to regulatory approval will begin writing specialty classes of reinsurance for European clients later this year.

He joined Catlin on August 1, and will report to Paul Brand, group chief underwriting officer and CEO of Catlin's European operations.

In his new role, Mr. Schmidt will be responsible for the operations of Zurich-based Catlin Re Switzerland as well as the reinsurance underwriting operations of all Catlin offices in Europe.

He joined Catlin from Atradius NV, where he was chief market officer and a member of the group management board. Before joining Atradius in 2008, he held various senior management positions at Swiss Reinsurance Company, including head of credit and surety reinsurance and head of credit solutions. He has also held executive positions at General & Cologne Re and Union Re.

Catlin announced in June that it had applied to the Swiss Financial Market Supervisory Authority to establish Catlin Re Switzerland. The formation of Catlin Re Switzerland will allow Catlin to write classes of European reinsurance business not currently underwritten elsewhere within the Catlin Group, focusing on classes with favourable underwriting conditions.

Catlin Re Switzerland will be established as a subsidiary of Catlin Bermuda (Catlin Insurance Company Ltd.) and will be capitalised at approximately $1 billion. Much of that capital will be allocated to a Bermuda branch of Catlin Re Switzerland, which will be established upon authorisation by the Bermuda Monetary Authority. The Bermuda branch will initially underwrite reinsurance of various Catlin Group subsidiaries; this reinsurance is currently written by Catlin Bermuda, providing the group with increased capital flexibility.