Caribbean market News

AIR Worldwide Releases Updated Caribbean Cyclone and Earthquake Models

Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Tropical Cyclone and Earthquake Models for the Caribbean. These models will provide insurers and reinsurers with a comprehensive view of risk across 29 countries and territories in …

Gallagher Buys 60% Stake in Caribbean-Based Broker, Risk Management Services Ltd.

Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced it has acquired a 60% interest in Caribbean insurance broker Risk Management Services Ltd. (RMS). Terms of the transaction were not disclosed. Formed in 1978 and located in Port …

Lloyd’s to Open Miami Office to Expand Its Latin American and Caribbean Business

Lloyd’s plans to set up an office in Miami to support business development in the Latin American and Caribbean markets. “Latin America is a key market for Lloyd’s, with premium close to US$1.5 billion,” said Daniel Revilla, regional head, Latin …

Caribbean Insurers’ Net Income Rebounds After 2016-2017 Hurricane Seasons: AM Best

An analysis of AM Best-rated property/casualty insurers based in the Caribbean found that overall net income rebounded significantly following the 2016-2017 hurricanes to $32.2 million in 2018 compared with a $4.3 million loss in the previous year. After losses in …

Latin America Reinsurer Patria Re Selects RMS Cat Risk Models

Newark, Calif.-based RMS announced that Latin America reinsurer Reaseguradora Patria (Patria Re) has licensed its full range of models and analytical services for Latin America and the Caribbean. These regions have a high exposure to natural catastrophe risk and produce …

Aspen Insurance Acquires Puerto Rico Marine MGA, Blue Waters Insurers

Bermuda-based Aspen Insurance, the insurance segment of Aspen Insurance Holdings, announced it has acquired Blue Waters Insurers Corp. Blue Waters, which is headquartered in San Juan, Puerto Rico, is a specialist marine managing general agency. The company was founded in …