Lehman Brothers reshuffles insurance risk products group

Lehman Brothers’ insurance products group, which structures catastrophe risk securities and other insurance liability management products for reinsurers, has been merged with Lehman’s insurance strategies group. Insurance strategies, which now numbers 21, is based in New York and has an office in London. Marty Klein remains as group head, reporting to Chris Kelly, head of Lehman’s collateralised debt obligation business.

The reorganisation took place two weeks ago, says New York-based Paul Puleo, former insurance products head, who still retains responsibility for originating insurance liability management products within insurance strategies. Puleo said nobody had been fired as a result of the reorganisation. Instead, some employees have been redeployed elsewhere at the bank outside the newly merged group.

The group will now focus on both asset and liability management issues for insurers, according to Klein.