Max Capital Establishes Latin American Reinsurance Operation

December 3, 2009

The Bermuda-based Max Capital Group Ltd. announced the establishment of a Latin American reinsurance operation and the appointment of two senior managers for the region.

Carlos Caputo will serve as CEO of Max’s Latin American business, and Sonia Galvis will serve as Chief Underwriting Officer.
Caputo has 36 years of underwriting and management experience in Latin America and, in particular, Brazil. Most recently he served as Regional Director and Operating Officer for XL Re Latin America Ltd. He was previously deputy chairman of Aon Group Ltd. Brazil and has held senior management positions with Alexander & Alexander Brazil and Cisema.

Caputo graduated from the program for Business Development at Harvard Business School and from Belgrano University in Argentina with a degree in Economic Sciences.

Galvis has 30 years of insurance and reinsurance underwriting and management experience, most recently as the Regional Director and Underwriting Officer of the Northern Region for XL Re Latin America Ltd. She previously served as CEO of Seguros Alfa and Seguros de Vida Alpha.

She has also held various senior management positions at Seguros Colmena Colombia, now Liberty Colombia. Galvis graduated with a J.D. in insurance law from the Universidad Javeriana Bogota, Colombia, and also received an Executive MBA from Inalde, sponsored by the Harvard Business School.

Chairman and CEO W. Marston (Marty) Becker commented: “The addition of a Latin American reinsurance platform represents an important step in the development of Max’s global franchise. Latin America is an exciting reinsurance market with huge growth potential.

“The region, in particular Brazil, is emerging fast from the global economic crisis, with significant GDP growth predicted in 2010, and Brazilian reinsurance premiums are projected to increase by 20% per annum through 2011. We expect this to be an important market for Max.

“In addition to Brazil, we see excellent opportunities emerging throughout Central America and in rapidly developing markets such as Colombia, Ecuador, Panama, Peru, Chile and Argentina. Carlos and Sonia are accomplished and well-connected professionals. With their proven track records and strong regional expertise, we believe they will succeed in building a profitable book of Latin American business for us.”

Max’s announcement also indicated that it will open offices in Rio de Janeiro, Brazil, “where it intends to act as an admitted reinsurer operating through Lloyd’s Brazilian representative office, and in Bogota, Colombia. Lines of business initially offered include Property, Property Catastrophe, Aviation, Casualty, Marine and Surety.”

Source: Max Capital – www.maxcapgroup.com

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