Latin America

Hurricane Milton track likely missed Mexico’s parametric cat bond trigger zone

Mexico’s World Bank-facilitated catastrophe bond is unlikely to be triggered by Hurricane Milton’s passage close to the Yucatán Peninsula, Parametric Insurer understands.

Axa Climate continues as Mesoamerican Reef Fund capacity provider in fourth annual placement

Axa Climate has been renewed as insurance capacity provider for the fourth annual placement of the Mesoamerican Reef Fund’s insurance programme.

Boxx names Beazley’s Yoast US president as Itriago takes on LatAm role

Cyber Insurtech Boxx Insurance has appointed Christyn Yoast from Beazley USA as president of Boxx USA, taking over from Hilario Itriago, who has been appointed president, Latin America.

Lockton LatAm expansion continues with Colombia reinsurance brokerage

Lockton has been given the regulatory green light to open a reinsurance brokerage in Colombia, with the new platform led by Juan Pablo Uribe who joined from Marsh earlier this year.

Swiss Re appoints Alves as head of fac P&C in LatAm

Swiss Re has tasked Juliana Alves with leading its facultative P&C business in Latin America, with the appointment going into effect from the beginning of October.

Parametric agriculture firm WRMS expands to Latin America

India-based climate risk management company WRMS is expanding its operations into Latin America as it seeks to help the agriculture sector manage and insure weather risks.

Fitch: LatAm reinsurers’ performance to remain strong in ’25 while ceded premiums will increase

Latin American reinsurers will maintain their strong performance in H2 2024 and into 2025, supported by market discipline, according to Fitch Ratings, which expects ceded premiums in the region to continue to grow.

LatAm reinsurance demand growing as opportunities arise in Brazil

As Latin American insurers refine their risk management strategies, AM Best believes their need for reinsurance will grow, while in Brazil the rating agency said a pullback from the country’s largest player – IRB(Re) – is presenting opportunities for other reinsurers.

BMS Re hires Mirabal as LatAm and Caribbean CEO

BMS Re has appointed Anthony Mirabal as CEO of the Latin America and Caribbean division, effective November 2024.

AM Best revises outlook on IRB’s A- rating to stable on improved capitalisation

AM Best has revised the outlook to stable from negative on IRB-Brasil Resseguros’s A- rating following the completion of a capitalisation offer.

Aon partners with Future Climate to scale quality carbon projects

Aon has unveiled a partnership with newly rebranded nonprofit Future Climate to encourage conservation financing for forest carbon projects in Brazil by harnessing insurance as a mark of project quality.

Redline gets Lloyd’s capacity for LatAm and Caribbean property fac offering

Redline Underwriting has secured capacity from a panel of Lloyd’s syndicates to write a book of property facultative reinsurance business in Latin America and the Caribbean.

XS Global hires ex-Argo and Swiss Re exec Queiroz to lead Brazil business

Expansive MGA XS Global has made another senior hire with the imminent arrival of former Swiss Re and Argo Seguros executive Newton Queiroz as country manager for its Brazil business, Program Manager has learned.

AM Best: LatAm reinsurance demand growing as opportunities arise in Brazil

As Latin American insurers refine their risk management strategies, AM Best believes their need for reinsurance in the region will grow, while in Brazil the ratings agency said a pull back from the largest player in the country is presenting opportunities for others to expand their footprint.

Mexican state Quintana Roo receives parametric payout to restore Mesoamerican Reef after Beryl

A parametric policy covering parts of the Mesoamerican Reef off the Yucatán Peninsula was triggered by Hurricane Beryl, with the state government receiving MXN8mn (~$430,000).

AIG leads manufacturers policy for crashed ATR plane

AIG leads the manufacturer’s programme for ATR, the French-Italian company that built the Voepass-operated aircraft that lost control before crashing in Brazil, The Insurer can reveal.

IRB Re UW profit down 5% in Q2 as domestic market refocus continues

Brazilian reinsurer IRB Re reported a threefold increase in net income from R$20.1mn to R$65.2mn ($3.6mn to $11.9mn) in the second quarter, but saw underwriting income fall 5 percent to R$33.7mn.

Augment Risk-placed parametric program to pay $44mn to telco Liberty Latin America after Beryl triggers policy

The telecommunications company Liberty Latin America expects to receive $44mn after Hurricane Beryl triggered a parametric program placed by Augment Risk, The Insurer can reveal.

Chubb leads airlines all-risk cover for crashed Voepass aircraft

Chubb leads the airlines all-risk cover for the Voepass aircraft that fatally crashed in Brazil after spiralling out of control, The Insurer can reveal.