Natalie Chiaramonte has been appointed division president of Sovereign Risk Insurance, a political risk insurance and reinsurance underwriter wholly owned by Chubb Bermuda.
Chiaramonte succeeds Price Lowenstein, who has led Sovereign since he helped create the company in 1997, and is planning to retire. He will assist with the transition in an advisory capacity until the end of the year.
Chiaramonte, who is based in Bermuda, has been serving as both Sovereign’s senior vice-president, since 2015, and chief operating officer, since 2020. She joined the underwriter in 2001 as a research analyst and quickly transitioned into underwriting with responsibility for a number of Sovereign’s client relationships.
Before Sovereign, she worked at the Bank of Bermuda (now HSBC) in Bermuda, Luxembourg and New York, where she managed client relationships for the global fund services division.
In her new role as president, Chiaramonte will have executive operating responsibility for the company, which provides political risk and sovereign credit insurance to commercial and investment banks, exporters, multinational corporations, export credit agencies, multilateral agencies and private equity investors.
She reports to John Lupica, vice-chairman of the Chubb Group and president of North America insurance, and Judy Gonsalves, division president of Chubb Bermuda.
“Natalie is an insightful and professional political risk underwriter with strong knowledge and following in the marketplace among brokers, clients and partners,” says Evan Greenberg, Chubb chairman and CEO. “As Sovereign celebrates its 25th anniversary, I am confident that with Natalie’s leadership we will continue to strengthen our market position in this highly specialised field.”
“Price was instrumental in the formation of Sovereign and, in fact, was the business’s very first employee,” adds Lupica. “I want to thank him for his 25 years of service and for building Sovereign into the company it is today. On behalf of Chubb, we wish Price the very best during his retirement.”
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