Harmony Re now operationalised
Concert Group Holdings has announced that its risk retention platform, Harmony Re, is fully operationalised with a board of directors in place and a newly-hired industry executive to lead the platform forward in the US.
Katarina Scamborova, who was instrumental in establishing Harmony Re, has been appointed to the position of president. Scamborova reports to Concert’s chief executive John Hendrickson.
Harmony Re’s Board of Directors includes Frank Papalia (as chair), Charlie Kline and Dave Hupp, as well as Concert chief legal officer Matthew Wagner and Laura Rodrigo, managing director of independent insurance company manager Strategic Risk Solutions.
“We’re delighted to welcome Katarina to our executive team at Concert,” said Hendrickson. “Working in collaboration with Chief Underwriting Officer Joe Alberti, she has been invaluable in creating the foundation for Harmony Re. We know that under her expert guidance, and with her deep underwriting and operational expertise, our new risk retention vehicle will flourish.”
“As Concert’s wholly owned reinsurance sidecar, Harmony Re is the group’s balance sheet entity that assumes risk from Concert’s carriers and generates insurance profits with a keen focus on portfolio diversification, risk and capital management,” said Alberti. “The platform provides the company with a second line of defense on portfolio and risk management, as well as additional flexibility in meeting the market’s needs.
“Harmony Re is another example of how, as a hybrid fronting carrier, Concert continues to develop differentiated innovative solutions for the top tier reinsurers with whom we partner.”
Before assisting Concert with the formation of Harmony Re, Scamborova was managing director, Swiss Re Corporate Solutions. Her career experience includes seven years at AIG as a senior executive in the General Insurance business segment and two years at McKinsey & Company where she was P&C Insurance Industry Leader.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
