LatAm (re)insurance exec Downey passes away

Former TransRe and Validus Re executive Andy Downey sadly passed away earlier this week following a battle with cancer.

Well-known and popular throughout the Latin America and US (re)insurance markets, Downey was a regular at industry events in Miami where his insight and warmth were welcomed.

For the past eight years, Downey had led Miami-based MGA Solis Re as president and CEO.

He had established the MGA, which holds Lloyd’s coverholder status and also underwrites on behalf of other capacity providers, in 2016 following his departure from Validus Re where he had served as CEO of the reinsurer’s Latin America business.

Much of Downey’s career was focused on Latin America, with the executive having worked within the region since 1996. As well as in the regional (re)insurance hub of Miami, Downey spent significant time in Latin America itself.

Prior to launching Solis Re, Downey spent close-to eight pivotal years at Validus, during which time he worked closely with various senior executives including Conan Ward.

He joined Validus Re in 2008 to lead the company’s then newly launched Miami-based Latin American and Caribbean-focused operation, with Downey responsible for the buildout of the platform’s treaty and facultative underwriting throughout the region.

Among his achievements at Validus Re were opening offices for the company in Miami and Chile, and developing a book of Latin American and Caribbean business from scratch that, prior to the reinsurer’s acquisition by AIG in 2018, is understood to have been around $100mn in size.

His early career was largely spent at TransRe which he served for over a decade.

During his time at TransRe, Downey progressed through the ranks before taking on the role of underwriting manager for the firm’s Latin American and Caribbean division.

In that position, which he held for over five years, he underwrote and managed a $250mn book of business, and worked alongside people such as Mike Sapnar.

Downey is survived by his wife Monica and their five children.