The Caribbean Catastrophe Risk Insurance Facility (CCRIF) have announced a change of their placing reinsurance broker for this year. Guy Carpenter will be taking over as the new reinsurance broker for the facility and replaces Aon Benfield who provided the service to the facility last year.
Renewals for the cover provided by the CCRIF to Caribbean islands is due on the 1st June, just in time for the Atlantic hurricane season, and so Guy Carpenter will begin working with the CCRIF and their other partners immediately to ensure adequate risk transfer is in place (both traditional reinsurance and capital markets solutions) for the Caribbean nations which choose to use the facility.
The full press release from the CCRIF is below.
CCRIF Selects New Reinsurance Broker
Grand Cayman, 9 March, 2011 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is pleased to announce the appointment of Guy Carpenter & Company, LLC as the new Placing Broker for the Facility.
A call for expressions of interest was issued by CCRIF in November 2010 for eligible firms interested in providing the services of Placing Broker. This re-tendering process was in accordance with CCRIF’s internal procedures and based on World Bank guidelines for the selection of consultants. In keeping with maintaining the cost-efficiency and full transparency of the Facility, the positions for the various service providers associated with CCRIF are re-tendered at regular intervals.
The Placing Broker works closely with CCRIF’s Facility Supervisor in the execution and subsequent management of the risk transfer programme for CCRIF on an annual basis. Services also include provision of expert advice to the Facility Supervisor and Board of Directors in the development of the risk transfer strategy and provision of general intelligence and other relevant information on individual risk transfer markets (both traditional and capital markets).
Guy Carpenter will commence work immediately on preparation for the renewal of CCRIF’s reinsurance programme on 1 June. CCRIF wishes to extend sincere gratitude to the team from Aon Benfield for the exemplary service they provided during their tenure as CCRIF Placing Broker.
Guy Carpenter thus becomes the newest member of the CCRIF Team which provides services to the Facility. Other members of the Team are: Caribbean Risk Managers Ltd – Facility Supervisor; Sagicor Insurance Managers Ltd – Insurance Manager; London & Capital Ltd and EFG Bank, Cayman Branch – Asset Managers; and Sustainability Managers – Corporate Communications Manager.