HSBC Bank USA hires Commisso to enhance cat bond and ILS trust capabilities

HSBC Bank USA, N.A. has announced a key hire to enhance its capabilities in the provision of corporate trusts to the insurance-linked securities (ILS) market, bringing Michael Commisso to the firm from his previous role at BNY.

Commisso has joined HSBC Bank USA as a Senior Transaction Manager within its Issuer Services Americas division.

Commisso has almost 20 years of experience and in recent years was the lead transaction manager for trustee services to the catastrophe bond and insurance-linked securities (ILS) market at corporate trust rival BNY.

During his career, Commisso has gained specialist expertise in the provision of corporate trust solutions and services across the range of ILS structures, including catastrophe bonds, collateralized reinsurance, and other risk transfer solutions.

In his senior role at BNY, he worked on many landmark deals in the ILS market.

“We are thrilled to welcome Mike to HSBC,” commented Tom Mackay, Head of the Issuer Services business at HSBC in the US.

“As the ILS market continues to evolve and expand, Mike’s technical acumen and market insight will be instrumental in delivering innovative solutions to our clients and reinforcing our commitment to and leadership in the ILS space.”

Commisso will be located at HSBC’s offices in New York City.

Commisso began his career at Wachovia Securities, also spending time at Oppenheimer.

He moved to BNY in 2006 and became a Trust Associate, before being promoted first to Relationship Manager in 2010, then to Vice President of the Transaction Management Group in 2012, finally becoming VP and Senior Transaction Manager in 2019 since when he has worked extensively in providing cat bond and ILS trust solutions.