Munich Re launches weather desk

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 who is head of the capital markets unit in New York. Munich have also hired Vivek Pawaly – formerly of Boston-based catastrophe modelling company AIR – to work as a derivatives structurer.

Pawaly said that Munich will trade in both the over-the-counter and exchange traded weather derivatives markets. The company is also looking at the potential of offering risk

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