Fresh opportunities in Latin America for the reinsurance market

03 October 2017

JLT Re Miami is aiming to bring a fresh perspective to the Latin America and Caribbean regions, as it continues to build its offering.

Anthony Mirabal, Executive Vice President, JLT Re Miami

Following the acquisition of Risk & Re-Insurance Solutions Corp (RRiSC) at year-end 2016, JLT Re is strengthening its presence in the Miami reinsurance market as it continues to build its offering in Latin America and the Caribbean.

The decision for RRiSC to join the JLT Re Group was arrived at very easily; for the two businesses it was a real natural fit.

On one side, we have JLT Re with its analytics capabilities and strong Latin American network. On the other side, RRiSC brings an established presence in Puerto Rico, the Caribbean, as well as recognised expertise on third-party lines.

The acquisition also enhances JLT Re’s service and placement offering in Miami, Latin America’s premier reinsurance hub, with more than 40 international reinsurance and insurance groups present.

Many insurers in Latin America and the Caribbean have been receiving the same or a similar formula year after year from their reinsurance service providers.

But in today’s market there are many more variables and complexities to the reinsurance buying process.

New perspectives for reinsurance buyers

We are seeing a new level of sophistication among reinsurance buyers in the region. Buyers are demanding better tools and a fresh approach from their advisers; this is compounded by the presence of global insurers in Latin American markets prompting local players to up their game.

The list of challenges faced by insurers in Latin America is expansive and not limited to natural catastrophes.

In Mexico and Colombia, insurers are dealing with the implications of regulatory changes, while those in Puerto Rico are adjusting to changes in ratings criteria; and across the board many insurers are interested in geographic expansion, a broader product offering or simply being able to protect their local market position from increased competition.

The upshot is that clients need more information to make decisions, and therefore demand solutions that meet their particular challenges and objectives.

JLT Re aims to bring a fresh perspective to clients in the Latin American and Caribbean region supported by tools and analytics. As a result, JLT Re Miami is set to transform over the next few years.

We have plans to significantly enhance our platform with the goal of building a strong local team equipped with leading-edge analytics and service capabilities.

Please contact Anthony Mirabal on +1 305 740 5764 or anthony.mirabal@jltre.com

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