Munich Re, the world's largest reinsurer, has established a New York-based weather derivatives desk in its Munich American Capital Markets division.The desk is run by Paul Murray - a one-time Enron weather trader who has also worked at Goldman Sachs. Murray reports to Ken Bock, head of the capital markets unit in New York. Munich Re has also hired Vivek Pawaly - formerly of Boston-based catastrophe modelling company AIR - to work as a derivatives structurer.
Pawaly said Munich Re will trade in both the over-the-counter and the exchange-traded weather derivatives markets. The company is also looking at the potential of offering risk management services to the agricultural sector, Pawaly added.
Both Pawaly and Murray will attend the Weather Risk Management Association meeting that starts tomorrow in New York. The trade association will release details of its annual weather derivatives survey later this week.
Topics: Munich Re
More on Risk Management
Comparing modelled and standardised capital may raise more questions than it answers
Companies face more liquidity risk as Basel III prompts banks to reject excess cash
Chair of Europe's new bank resolution board says derivatives are not "sacrosanct"
Exclusive coverage of congress for energy traders and risk managers
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.