Novae Re appoints final team member

Novae Group has completed the final part of the restructure of its reinsurance division, Novae Re.

Sources close to the company told Insurance Times that Novae has swooped for Axis Re’s vice-president and credit and bond underwriter Christoph Nienhaus as its new head of credit and surety.

Novae chief executive Matthew Fosh moved swiftly to replace the team that quit in May and June, including chief executive Gunther Saacke and chief underwriting officer Willi Schuerch for Quateri reinsurer Q-Re.

Fosh unveiled his new-look Zurich team at the Rendez-Vous de Monte Carlo earlier this month.

Last month, he axed the engineering division and part of the motor excess of loss division last month owing to unprofitability.