The US International Development Finance Corporation (DFC) has provided $1bn in political risk insurance as part of a $1.53bn debt conversion project in Ecuador to unlock funding for long-term conservation.

IRB(Re) has announced the appointment of Frederico Knapp as chief financial officer.

Independent (re)insurance broker BMS has bolstered its regional footprint with an agreement to acquire Spanish broker Rasher, as well as its subsidiaries in Colombia and Peru.

The government of Honduras has received a $4.67mn payout after its parametric excess rainfall insurance policy was triggered last month during Tropical Storm Sara.

A Munich Re-backed parametric insurance program for Bolivian soybean farmers uses a crop yield index from Praedictus Climate Solutions.

Colombian energy firm Celsia received a multi-million-dollar payout on its weather derivative program this year after a drought affected hydropower production in South America.

Fitch Ratings has maintained a neutral outlook for Latin American insurance markets in 2025, citing stable financial results, strong capitalisation, moderate economic growth, and easing inflation and interest rates.

Talanx has issued its debut catastrophe bond to provide multi-year reinsurance protection for earthquake risks in Chile.

Demand for insurance against cartels and other organised crime in Mexico is rising, with several industry sectors beginning to purchase the coverage as standard, according to Chaucer.

Munich Re has partnered with agriculture data startup Ceres AI and service provider Servisur Agricola to provide parametric weather insurance to soybean farmers in Bolivia.

Marsh Latin America has appointed Ana Rivera as the new CEO of Carpenter Marsh FAC for Latin America and the Caribbean, effective 1 January 2025.

Arthur J Gallagher has acquired THB Chile, a Santiago-based retail insurance broker.

The government of Panama is set to receive $26.7mn after its excess rainfall policy with regional risk pool CCRIF SPC was triggered by flooding earlier this month.

Latin America remains a good source of business for reinsurers, driven by the property market, but growth in the region’s underlying insurance market is expected to slow, according to Kaspar Mueller, president of reinsurance in Latin America at Swiss Re.

IRB Brasil Re has posted a combined ratio of 102.1 percent for the first nine months of 2024, marking a year-on-year improvement of 7.0 percentage points despite claims arising from extensive flooding in the state of Rio Grande do Sul.