Sovereign names new president as Lowenstein retires

Chubb has named Natalie Chiaramonte division president of Sovereign Risk Insurance Limited, a Chubb company and underwriter of political risk insurance and reinsurance. Before this, she served as SVP and chief operating officer of Sovereign.

In her new role, 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 will report to John Lupica, vice chairman, Chubb Group and president of North America Insurance, and Judy Gonsalves, division president, Chubb Bermuda. The appointment is effective immediately.

End of an era for Lowenstein

She succeeds Price Lowenstein, who is planning to retire from the company. Lowenstein, who has led Sovereign since he helped create the company in 1997, will assist with the transition in an advisory capacity through the end of 2022.

“Natalie is an insightful and professional political risk underwriter with strong knowledge and following in the marketplace among brokers, clients and partners,” said Evan Greenberg, chairman and chief executive officer of Chubb.

“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,” added 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.”