Mexican market News

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 …

Liberty Mutual Reinsurance Launches Operation Using Lloyd’s Mexico Platform

Liberty Mutual Reinsurance the reinsurance arm of Liberty Specialty Markets, announced it has launched a reinsurance operation under Lloyd’s registration in Mexico to serve clients in Mexico and Central America. The operation will be headed up by Rosa Flores, general …

Octo Telematics to Provide Commercial Fleet Telematics to Mexico Auto Insurer

Octo Telematics, the Rome-based provider of telematics and data analytics solutions for the auto insurance industry, has partnered with Qualitas, Mexico’s largest auto insurer with operations throughout Mexico, Latin America and the United States. Qualitas, which has more than 4 …

Mexico Begins Digging Out from Destruction of Hurricane Willa

Residents on Mexico’s Pacific Coast on Wednesday began clearing up the wreckage left by Hurricane Willa, which ripped through towns overnight, tearing off rooftops, downing power lines and splitting trees apart. Willa, a powerful Category 3 hurricane, hit the northwestern …

Mexican Insurers Will Absorb Losses from Hurricane Willa: A.M. Best

Mexico’s insurance industry overall remains well-capitalized and can absorb the financial impact generated from Hurricane Willa, according to an A.M. Best briefing. Hurricane Willa made landfall on Oct. 23 on Mexico’s Pacific Coast (approximately 300 miles west of Mexico City) …

Growing Headache for Corporate Mexico: Robberies of Cargo Trains

Head southeast out of Mexico City for about four hours or so and you will come upon the town of Acultzingo. It is an impoverished, dusty little place nestled up against the rugged peaks of the Sierra Madre. Most inhabitants …

Citigroup’s Mexico Unit, Chubb Announce Bancassurance Distribution Agreement

Citibanamex, a subsidiary of Citigroup Inc., and Chubb Seguros México, an affiliate of Chubb Ltd., announced a definitive long-term agreement where Chubb will provide a range of non-life insurance products to Citibanamex’s consumer bank clients in Mexico, subject to regulatory …

XL Catlin Launches Specialty Aviation Insurance in Mexico

XL Catlin announced the launch of specialty aviation insurance in Mexico. The new product suite will initially focus on general aviation hull and liability risks. With an established presence in Latin America and aviation teams in Brazil, the United States …

Ocean International Reinsurance Opens Representative Office in Mexico

Ocean International Reinsurance Co. Ltd. has opened a representative office in Mexico to be headed by Rebecca Peña. The office was opened in Feb. 19, 2018, after receiving regulatory approval from Mexico’s National Insurance and Bonding Commission on Sept. 26, …

Mexico Auto Thefts Surge in Ominous Trend for Insurers

Auto-theft rates in Mexico are rising at the fastest pace ever, and authorities are getting worse at tracking down the stolen cars. In March, the number of auto thefts rose 21 percent from the same month a year earlier, according …