As part of our strategy to consolidate our worldwide footprint, we are pleased to announce the opening of a new ADVANTA office in Latin America in Quito, Ecuador. BM Ajustes and Advanta come together to launch a new office trading as BM-ADVANTA, which combines BM’s outstanding performance in the local market with Advanta’s technical excellence and global presence. The new office is headed by Edwin …

Allianz Risk Barometer 2021: Covid-19 trio tops global business risks   10th Allianz survey: Business interruption, Pandemic outbreak and Cyber incidents are the top three business risks for 2021 – all strongly interlinked. Pandemic outbreak rockets to #2 from #17 and is seen as main cause of business interruption in 2021, followed by cyber. Companies look to de-risk supply chains …

The X Miami Reinsurance Golf Tournament will take place at the Doral Trump National in Miami on February 11th, 2021.   Unfortunately this year, given the circumstances imposed by COVID 19 organizing an event of the same magnitude as last year is not possible. The X edition will consist of a 1 course tournament for the Miami market ONLY. Unfortunately we cannot organize …

As part of a series of new economic agreements, the UK and Brazil have agreed to further equalise the treatment of foreign and domestic financial companies in Brazil. In particular, this will relate to the re/insurance sector and is expected to support UK re/insurers operating or looking to operate in Brazil. The fourth Economic and Financial Dialogue (EFD) between the …

We are delighted to announce the opening of a new ADVANTA office in Mexico City, Mexico.   This strategic decision will enhance our capability to better service our clients in this regional insurance hub. The opening of ADVANTA Mexico is part of our strategy to expand our global footprint and better meet our clients’ growing needs in Latin America. The new office is headed by Edgardo …

Chubb announced today that Gabriel Lázaro has been appointed Senior Vice President, Digital Head for Overseas General Insurance, the company’s international general insurance business in 51 countries and territories. Currently he serves as Vice President, Digital Head for Latin America.  In this newly created role, Mr. Lázaro will have responsibility for digital insurance product distribution and sales efforts in countries …

Argo Group International Holdings, Ltd., an underwriter of specialty insurance and reinsurance products, today announced an agreement to sell its reinsurance business, Ariel Re, to Pelican Ventures and J.C. Flowers & Co., both private equity investors with significant insurance expertise. Closing of the transaction is subject to regulatory approval and is expected to occur in 2020. “Ariel Re is well …

Markel Corporation announced today that Adriana Belli has joined the company as Managing Director, Property, Marine and Select Risk (PMSR) Claims Division. In this role, she will oversee all aspects of the PMSR Claims Division, managing a team of more than 80 claims professionals throughout the United States. “We’re excited to welcome Adriana to Markel. She has a successful track …

Insuralex´s exclusive member in Colombia comments on the Draft decree regarding D&O policies on a claims made basis   The Colombian Ministry of Finance has published a draft decree intending to regulate the operation of the D&O policies on a claims made basis. The Ministry of Finance has published for comments a draft decree by which a new article will …

Insuralex´s exclusive member in the UK publishes a summary and analysis of the judgment in the FCA business interruption insurance test case   Following the hearing of the FCA business interruption insurance test case, which commenced on 20 July 2020 (you can read our summary of the hearing and the background to the claim here), the High Court handed down …

A legal overview Digital commercialization for insurers in Latin America ceased to be a long-term development project to became a top priority to them. It gained special relevance during the year 2020 due to the Covid-19 pandemic, whose effects prevented the insurance market from commercializing its products through the customary mechanisms. As jurisdictions in Latin America have several regulatory approaches …

As in previous editions, this Fundación Mapfre´s ranking classifies the main insurance groups operating in Latin America by premium volume, considering the total market as well as Life and Non-Life segments. This report provides a dynamic vision of said insurance groups’ growth, differentiating between structural trends (2009-2019) and conjectural situations related to annual performance (2018-2019). In addition, the last part …

This time we at iNLIP are putting together (one single post) 3 interesting Latin American Insurance Industry related reports by Insuralex (Global Insurance Lawyers Group) Please bear in mind that you can always search past published articles using the “search box” and also looking at the “categories” box. 1. 2020 Parametric Insurance in Latin America: An overview The use of parametric …

Tropical storm Amanda once again reminded us of our high exposure and vulnerability to disasters caused by natural disasters, now more frequent and severe as a consequence of climate change. The index-based insurances designed by MiCRO for El Salvador and Guatemala triggered payouts that will help affected clients recover faster. Extreme rainfall from May 27 to June 6 caused by …

The current situation of COVID-19 has created an unknown scenario for all companies, both large and small, as well as for professionals and employees. This unprecedented scenario has served to analyze the insurance coverage programs and business plans of all subjects involved in the economy. We are in a situation where legal rules and norms must coexist with health standards. …