Chase Manhattan Bank is expanding its money management operations by supplying investment management services to insurance companies. The New York bank will provide investment, actuarial, and accounting services through a joint venture with Centre Reinsurance Cos., a reinsurance firm based in Bermuda. Reinsurers like Centre Re help insurance companies reduce risk by assuming responsibility for some of their policies.
The joint marketing company, dubbed Centre Chase Investment Advisors, will be based in New York and owned equally by Chase and Centre Re, executives for the two companies said.
The two companies will split investment oversight, with Chase managing equity and international investments and Centre Investment Services overseeing fixed income portfolios.
Chase managing director David Nelson said Centre Chase is an appropriate extension of corporate finance and related services that the bank already supplies to insurers.
Martin Klein, a veteran insurance industry executive, was named managing principal of Centre Chase. He was most recently executive vice president and chief financial officer of ARM Financial Group, Louisville, Ky.