Swiss Breakfast – Q3 2026
Global Pharma, Global Reinsurance and the Future of Switzerland's Too-Big-To-Fail Framework
Join Moody's Ratings analysts for a focused discussion on key credit developments shaping the outlook for global pharmaceutical and reinsurance companies, alongside an update on Switzerland's evolving too-big-to-fail regulatory framework. Through a series of analyst-led presentations and Q&A sessions, attendees will hear perspectives on sector trends, regulatory developments and the factors influencing credit conditions across these important markets.
Key topics will include:
- Global pharma outlook: Key credit considerations and industry developments influencing pharmaceutical companies.
- Global reinsurance outlook: Credit trends and market dynamics affecting the reinsurance sector.
- Switzerland's too-big-to-fail framework: An update on regulatory developments and their implications for the Swiss banking landscape.
- Analyst Q&A: Opportunity to hear further perspectives on outlooks, trends and regulatory developments.
Speakers
Edoardo Calandro
Senior Vice President, Financial Institutions
Moody's Ratings
Benjamin Serra
Senior Vice President, Financial Institutions
Moody's Ratings
Christian Badorff
Vice President, Financial Institutions
Moody's Ratings
Francesco Bozzano
Vice President, Corporate Finance
Moody's Ratings
Tobias Wagner
Executive Director, Corporate Finance Group
Moody’s Ratings
Jonathan Stalmann
Assistant Vice President
Moody's Ratings
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Edoardo Calandro is a member of Moody’s EMEA Banking Team based in London, with lead responsibilities for a portfolio of banks headquartered in the UK.
Since joining Moody’s in 2008, Edoardo worked on banks’ ratings and research; prior to his current focus on UK banks, he held lead responsibilities for Italian and Turkish bank ratings.
Edoardo holds a bachelor’s degree in management and a master’s degree in finance and accounting from Bocconi University in Milan.
Benjamin is a Senior Vice President in the European Insurance team, based in Paris. He has primary analytical responsibility for a number of insurance groups in Europe, covering or having covered insurers and reinsurers in France, the UK, Germany, Italy, Spain, Switzerland, the Benelux or in the CIS countries. He is also responsible for the analytical team covering insurers operating in the Middle East region. Prior to joining Moody’s in 2006, Benjamin worked for l’Autorité de Contrôle des Assurances et des Mutuelles (the French insurance supervisory authority) and l’Autorité des Marchés Financiers (the French financial markets supervisory authority). Member of French Actuarial Association. Degrees in Finance and Actuarial Science (ENSAE) and Finance and Economics (Ecole Polytechnique). Fluent in French.
| Christian is a Vice President in the EMEA Insurance Team based in Frankfurt, Germany, and is the lead analyst for various primary insurers and reinsurers in the Benelux countries, Germany, Italy, the Nordics and Switzerland. Christian joined Moody’s in 2019. Prior to joining Moody’s, he was head of planning and performance management at Zurich Group Germany where he was in charge of planning, forecasting and reporting for the group’s German life insurance operations. Before that, he was a director and lead analyst at S&P Global, covering insurers in EMEA with a focus on companies operating in German-speaking countries. He started his career at Assekurata, where he specialized in assessing the investment management of rated insurers in Germany. Christian holds a degree in Business Administration from University of Cologne. |
Based in Paris he manages a portfolio of investment grade and high-yield companies with expertise in pharmaceuticals, healthcare, retail, and transportation sectors.
Francesco is also a key contributor to research and outreach on digital transformation in corporate finance, writing and speaking in conferences on generative AI and digital assets’ impacts on corporates.
Francesco joined Moody’s in 2011 in London in the infrastructure team, covering a portfolio of European utilities and limited recourse financings of energy and infrastructure assets, including conventional project finance transactions across EMEA.
Prior to joining Moody’s, Francesco worked at Mediobanca in Milan, in the project finance team.
Francesco holds a Bachelor degree in business administration from Bocconi University, Italy, and a Master of Science in international business from HEC, France.
Francesco is fluent in, Italian, English, French and Spanish.
Tobias Wagner is an Executive Director at Moody’s in the EMEA Corporate Finance Group based in London. His current coverage focuses on the commodities (oil & gas, mining), manufacturing and shipping sectors. Tobias joined Moody’s in 2009 and has worked in the Corporate Finance Group across a range of sectors.
Tobias holds a diploma of business administration from Goethe University and is a CFA charter holder.