Commercial Risk Partners Limited yesterday announced three key appointments within its Bermuda-based operating division, Commercial Risk Capital Markets.

Former vice president of Credit Lyonnais in New York, Christopher Phelan, will become managing director of the division which was set up last year to take advantage of business opportunities arising out of the rapidly converging insurance and capital markets.

A statement from the company said the division was already developing new products utilising both the distribution of insurance risk into the capital markets and the use of weather and other tradable derivatives.

Minghang Chen will join Commercial Risk Capital Markets as research analyst and Emmanuel Durousseau has been named actuary.

President and ceo Graham Pewter said he was delighted to welcome the three to the company.

"We are firm in our belief that this sector of the market will continue to grow in importance and we intend to be an active participant.

"We have already invested in several insurance-linked transactions that have recently been brought to the market.'' Commercial Risk Partners executive vice president Francois Bertrand said the appointments would provide the company with greater focus and additional momentum.

"Our capital markets team is multi-disciplinary and this will create synergies between these individuals and, at a broader level, within Commercial Risk and the SCOR Group.'' BUSINESS BUC