Swiss Re announced the appointment Alejandro Padilla, effective June 1, 2012, as Head of Reinsurance Latin America North and President of Swiss Brokers Mexico, Intermediario de Reaseguro, S.A. de C.V.
He will be based in Mexico City. The appointment is subject to the relevant regulatory filing and subsequent approval.
Padilla joins Swiss Re from Cooper Gay, where he was Country Head of Mexico and Central America. He will be responsible for all aspects of Swiss Re’s reinsurance business in Mexico, Central America, Puerto Rico, the Dominican Republic and Venezuela. He will also assume “a broad leadership role for Property & Casualty business development in Latin America.”
Padilla will report to Swiss Re Americas President and CEO J. Eric Smith and will join the company’s Americas Management Team.
Smith noted that Padilla “understands how Latin America represents an open field for new risk management ideas and solutions.” Swiss Re has provided reinsurance partnerships with Latin American insurers for more than 100 years; Smith indicated that it “sees tremendous potential in serving the protection needs of Latin America’s growing middle class, as well as the region’s massive infrastructure projects, extensive natural catastrophe exposure and increasing legal sophistication.”
The announcement pointed out that “insurance premiums in Latin America grew by 9 percent to $65 billion in 2011 in the Life segment and by 10 percent to $89 billion in the Non-life area, in a trend that is expected to continue well into the next decade.”
Swiss Re has offices dedicated to Latin American business in Mexico City, Sao Paulo, where it has applied to obtain local reinsurance registration, and Miami. Swiss Re’s teams in Latin America also benefit from the underwriting and other specialist expertise housed in Swiss Re’s global offices and its Americas headquarters in Armonk, New York.
Source: Swiss Re