Re/insurer Swiss Re has named Veronica Assandri Foldnes as its global head of commodity, trade and sovereign credit, as part of a broader reshuffle.

In her new post, effective immediately, Assandri Foldnes takes on responsibility for the re/insurer’s trade finance, trade credit and working capital solutions and its political risk and sovereign credit unit, in addition to her existing responsibilities as head of commodity and energy transition finance.

She will remain based in Zurich, where Swiss Re is headquartered.

Assandri Foldnes joined Swiss Re in 2015 as a senior underwriter of structured trade finance. Prior to this, she spent four years in Shanghai as an account manager in Fortis Bank’s commodities group, and previously held positions in structured commodity and project finance at Caterpillar Financial, GE Capital and ABB Financial Services.

Assandri Foldnes takes over the trade finance, trade credit and working capital solutions portfolio from Marilyn Blattner-Hoyle, who joined the company in 2021 from AIG. Blattner-Hoyle is now Swiss Re’s head of public sector solutions.

In her new position, Blattner-Hoyle leads the company’s engagement with government, multilateral and development banks, and non-government organisations, Swiss Re says. It adds she will “continue to work very closely” with the credit and surety teams.

In a LinkedIn post, Blattner-Hoyle says she is “super pleased to hand over the reins to my colleague Veronica Assandri Foldnes who is now our global head of commodity trade and sovereign credit. I know you will take the team from strength to strength”.

Michael Lum, previously head of political risk and international surety, is now global head of surety, passing the political risk and sovereign credit responsibilities to Assandri Foldnes.

Lum joined Swiss Re in 2018 as head of surety, trade credit and political risk insurance for the Apac region and was appointed global head of political risk insurance and surety for Apac in 2021. He became global head of political risk insurance and international surety in August 2024.