Stefano Sola, Managing Partner & Chief Executive Officer
Stefano is Managing Partner and Chief Executive Officer. Stefano is a dual American and Italian citizen who has worked in insurance, capital markets and asset management in Europe and the United States for over twenty years.
Stefano began his career in London as an investment banker, initially at Deutsche Bank and ultimately, Bear Stearns where he became Head of Asset Management Europe, and where he developed the first hedge fund products linked to insurance. In 2003 Stefano moved to New York City and after an initial 2-year period at Natixis, he joined Swiss Re Capital Markets insurance-linked securities team. At Swiss Re, Stefano focused his efforts in developing the international capital markets for primary placements with insurance companies and investors and the secondary trading of insurance-linked securities.
In 2009 Stefano left Swiss Re in New York to join J.G. Wentworth. Stefano served as the Chief Investment Officer at J.G. Wentworth. Under his financial leadership, over a period of four years, J.G. Wentworth re-engineered its financing base and executed over $5 billion of financing activity in the public and private capital markets and ultimately filed an initial public offering on the NYSE in 2013.
After taking J.G. Wentworth public, Stefano left in early 2014 to form Rewire Securities LLC, the only independent U.S. broker-dealer focused on insurance risk. Stefano served as Managing Partner and Chief Executive Officer for Rewire Securities.
Stefano earned a Bachelor of Arts in Business Administration, with a concentration in Finance & Management, from Regent’s College in London.
Richard Pennay, Managing Partner & President
Richard is Managing Partner and President. As an Australian national, Richard began his career at Swiss Re Australia in March 2001. Richard is a trained treaty reinsurance underwriter having specialized is both property and casualty insurance products at Swiss Re. In 2004, Richard relocated to Swiss Re’s head office in Zurich, Switzerland to pursue a product management function which focused on risk pricing and managing the accumulation of groupwide reinsurance exposures.
In 2006, Richard permanently relocated to Swiss Re Capital Markets, New York, where he became a catastrophe bond structurer within Swiss Re’s ILS team. Richard led the origination and structuring of numerous ILS transactions on behalf of many global insurance companies. In addition to the structuring and origination of transaction, Richard worked on several industry wide initiatives, including the formation of the PERILS organization and the Swiss Re Catastrophe Bond Performance Indices
In 2014, Richard left Swiss Re Capital Markets along with Stefano Sola to form Rewire Securities, an independent U.S. Broker Dealer. Since inception, Richard served as Managing Partner and President of Rewire Securities.
Richard holds a Bachelor of Commerce (Economics, Banking & Finance majors) and a Bachelor of International Business from Griffith University in Australia.
Markus Schmutz, Partner & Head of Underwriting
Markus is a Partner and Head of Underwriting. Markus is a dual United States and Swiss citizen. Markus began his career at Swiss Re in Zurich in 1994 as a property underwriter. In addition to underwriting reinsurance transactions for multiple markets around the globe, his responsibilities included developing pricing methodologies for complex transactions.
Markus transferred to Swiss Re Capital Markets Corporation, Swiss Re’s recently established broker-dealer in New York in 1999. Within a few years he ascended to the position of Head of Insurance-Linked Securities Structuring and managed one of the industry’s largest teams in the origination and execution of Insurance‐Linked Securities. Under his leadership the group developed into one of the leading arrangers in the ILS market, placing over $24 billion of catastrophe bonds for numerous clients in the United States and worldwide.
In 2016, Markus rejoined his former colleagues Stefano and Richard at Rewire Securities, where he focused on the originating and execution of transactions for insurance and reinsurance companies, with a focus on creating efficient structures that reduce cost and time to execution.
Markus holds a Master’s degree in Mathematics from Swiss Federal Institute of Technology (ETH) in Switzerland.
Jeff Fraser, Head of Analytics
Jeff is Head of Analytics at Merion Square Capital. Jeff is a Canadian national, who has studied and worked in the United States since 2003. Jeff received his B.Sc in Physics and Astronomy with honours from York University in Canada and PhD in physics from Pennsylvania State University. Jeff’s research focus has been robust and spanned many disciplines including quantum mechanical theory, elementary particle physics, solid state physics of carbon nanotubes and computational neuroscience.
Jeff began his career in insurance and reinsurance at Chubb in 2010. Joining the Corporate Catastrophe division, he was responsible for the development of the calculation engines for Chubb’s risk aggregation/reinsurance and portfolio optimization platforms.
Shortly afterwards, Jeff assumed the responsibility of Chubb’s catastrophe pricing methodology and product owner for Chubb’s catastrophe systems including their account modeling and pricing platform. Jeff was instrumental in designing, developing and deploying Chubb’s natural catastrophe solution for Solvency II. Throughout his career at Chubb, Jeff has leveraged his technical expertise to improve performance, accuracy and enhance Chubb’s catastrophe analytics and systems.