French reinsurance executive Jean-Marie Nessi will leave Bermuda-based reinsurer PartnerRe in January to start a new reinsurance company.

The new company, to be called Catalyst Re, is to specialise in run-off companies ? reinsurers that are no longer sell policies but remain open for a time to honour claims.

Mr. Nessi, who has been head of PartnerRe?s non-US property/casualty business since January 2003, was previously head of Axa Corporate Solutions. Mr. Nessi, who trained as an actuary, worked at Axa for 22 years.

Catalyst Re will work with investment bank JP Morgan to find investors for individual deals, and is to be based in France.?Our aim is to fully match the liabilities of any business we purchase,? Mr. Nessi told Reactions.

Catalyst Re is expected to close its first deal in the UK early next year with a London market reinsurer. A management company will be set up in the UK to manage the run-off, Mr. Nessi said.

Eric Paire, the former head of Axa Re Finance, is set to join Catalyst Re.

Mr. Nessi says his departure from PartnerRe is amicable and that he will be working with the Bermudian reinsurer right up to January 1 2006 and the close of this pivotal renewal period.

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