- Peter Weinberg sees interest rates driving insurer dealmaking
- Firm also hired Williams for European finance last year
Perella Weinberg Partners, the firm founded by Joe Perella and Peter Weinberg, hired Mauro Rossi for dealmaking in its financial institutions group.
Rossi joins from Morgan Stanley and was named a managing director to focus on clients in the insurance industry, New York-based Perella Weinberg said Wednesday in a statement. He previously was at Lehman Brothers Holdings Inc. and Barclays Plc.
Perella Weinberg is bolstering its staff in anticipation of more deals in the financial industry, having hired Christopher Williams from Credit Suisse Group AG last year for transactions in Europe. Some of North America’s largest insurers, including MetLife Inc. and American International Group Inc., have been working to exit some businesses as the industry faces tighter government oversight and pressure from low interest rates.
“We anticipate increased activity and client demand in the space as stricter regulation, advancement in technology and active monetary policy drives companies to adapt to the evolving operating environment,” Peter Weinberg said in the statement. “Mauro’s deep experience, particularly in property-and-casualty insurance, life insurance and reinsurance, complements our existing coverage.”
Rossi advised Symetra Financial Corp. in its sale to Sumitomo Life Insurance Co. this year and worked in 2015 with Endurance Specialty Holdings Ltd. as it bought Montpelier Re Holdings Ltd. He also helped Sun Life Financial Inc. buy an employee-benefits business from Assurant Inc.
Morgan Stanley is the No. 5 adviser on financial institution deals this year, down from No. 2 in 2015, according to data compiled by Bloomberg. Jared Abbey, who worked on the investment-banking team focused on insurance, also left the bank this year, joining property-and-casualty company W.R. Berkley Corp. for corporate strategy.
Rossi started his career at Securitas Capital, Perella Weinberg said in the statement. Mary Claire Delaney, a spokeswoman for New York-based Morgan Stanley, didn’t immediately return an e-mail seeking comment.