Latin America

HDI International overhauls Europe and LatAm board members

HDI International AG, the international retail business of Talanx, has named Nicolas Masjuan and Christian Müller as management board members responsible for Latin America and Europe, respectively.

BMS Re eyes LatAm growth amid consolidation and expected economic boom

Latin America and the Caribbean have been left reeling by the pandemic, but opportunity abounds for BMS Re, with consolidation in the reinsurance broking market and expectations that some economies will soon bounce back giving the company a chance to strengthen its foothold in the region, according to Aidan Pope.

Special Division hires IRB’s Pilotto as CEO

Latin America-focussed (re)insurance broker Special Division has appointed Enrique Pilotto CEO, with the executive returning to the business after just over three years.

Guy Carp: Willis Re “talking out of both sides of its mouth” in LatAm hires dispute

Guy Carpenter and several recent hires to its Latin American group have asked a Florida circuit court to dissolve a temporary injunction granted to Willis Re, in a filing that alleges Willis Re’s arguments before the court are contradicted by statements made to regulators assessing the Aon-Willis merger.

LatAm-focused Eureka Re secures B++ rating ahead of growth push

Latin America-focused reinsurer Eureka Re has been assigned a financial strength rating (FSR) of B++ (Good) by AM Best ahead of what sources told this publication is an expected expansion drive from the Barbados-domiciled carrier.

CCR Re hires Axa XL’s Jacquemin to lead Southern Europe and LatAm push

CCR Re has hired Axa XL veteran Emmanuel Jacquemin to strengthen the French reinsurer’s push into the Southern European and Latin American markets.

Deutsche Rück hires Swiss Re’s Kummer to launch LatAm unit

German reinsurer Deutsche Rückversicherung is to start writing business in Latin America and has hired Swiss Re’s Florian Kummer to lead the operation.

Mapfre shares dragged down by Brazil crisis; P&C to improve at Q4

Shares in Spanish (re)insurer Mapfre have underperformed the wider insurance sector by around 15 percent since the pandemic-induced sell-off in global equities last year and remain under pressure as the carrier’s return on capital is weighed down by its exposure to the volatile Brazilian real.

Axa XL hires Munich Re’s Yeats to lead LatAm reinsurance

Axa XL has turned to Munich Re’s Michael Yeats to fill its vacant head of Latin America reinsurance role, The Insurer can reveal.

Pro Global bolsters LatAm presence with Brazil office

Pro Global has expanded its services within Latin America with the opening of an office in São Paulo, Brazil.

Professional liability MGA Insight Re gets Axis Lloyd’s capacity

Insight Re has secured a $5mn capacity line from Axis Syndicate 1686 to support the Miami-based MGA’s LatAm and Caribbean-focused D&O, professional liability and commercial crime writings, The Insurer can reveal.

Florida judge blocks Willis Re LatAm defectors from contacting former clients

Eight of the senior brokers who recently defected from Willis Re’s Latin America operations to join rival Guy Carpenter have been ordered to have no contact with their former clients for two years.

IRB Brasil Re launches strategic review

Brazilian reinsurer IRB Brasil Re has launched a strategic review to be led by chairman of the board Antônio Cássio dos Santos.

PERse eyes Europe and LatAm opportunities with new Generali-supported facility

Renewable energy MGU Power Energy Risk (PERse) is targeting new business in Europe and Latin America after securing lead capacity from Generali for a new international facility, with brokers welcoming the prospect of new capital entering the market, president Pat Stumbras has told The Insurer.

Brazil to welcome ILS business from January after formalising framework

Brazil will welcome the formation of insurance-linked securities (ILS) structures from 4 January 2021 after the country’s regulator SUSEP formalised its framework for the instruments.

BMS adds former Willis Re LatAm chair Almenara to regional team

BMS has appointed former Willis Re Latin America and Caribbean chairman Manuel Almenara as non-executive director of its operations in the region.

WTW names Reeve-Tucker new Central America and Caribbean fac head

Willis Towers Watson (WTW) has appointed Luke Reeve-Tucker its new head of facultative for Central America and the Caribbean, replacing Tony Matta who left to join Lockton last month.

BMS bolsters LatAm financial lines with EmergIn Risk’s Overton

BMS Group has hired David Overton as a director in its Latin America and Caribbean financial lines division, effective immediately.

CCRIF pays Nicaragua $30.6mn following Eta and Iota Cat 4 landfalls

Nicaragua has received $30.6mn in payouts from CCRIF after suffering Category 4 landfalls from hurricanes Eta and Iota last month.

AM Best removes IRB’s ratings from under review with negative implications

IRB Brasil Re’s A- financial strength rating (FSR) and a- long-term issuer credit rating (ICR) are no longer under review with negative implications, but AM Best has maintained its negative outlook amid concerns over the reinsurer’s operating performance, profitability and balance sheet strength.

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