Swiss Re Financial Services names Godfrey as chief risk officer

Swiss Re Financial Services Business Group, a unit of reinsurer Swiss Re, has hired David Godfrey as chief risk officer.

Godfrey, formerly group credit executive for JP Morgan Chase's European and Asian capital markets unit, heads risk management for Swiss Re's old New Markets, Asset Management, Investors and Capital Partners divisions.

"David adds an important dimension to our risk management activity, as convergence solutions become an increasingly prominent part of our business," claimed Jacques Aigrain, head of Swiss Re Financial Services Business Group. Aigrain also came from JP Morgan Chase and is currently firming up his management team.

But Swiss Re has seen few deals in its convergence finance business in recent months, with the structural overhaul seeming to have steered focus somewhat away from deals.

Godfrey was responsible for all credit risk monitoring and approval for JP Morgan Chase's equity and bond underwriting, loan origination, market making and trading activities for Europe and Asia. He previously headed merchant and corporate banking at SBC until 1992.He will work out of London.