ADVANTA will Inaugurate the Discussion on Recurrent Problems during the 2017 Hurricane Season

Advanta Foto JMV

José Miguel Varela

The topics associated with the 2017 natural catastrophes will draw the attention of the 4th Edition of the Miami Latin American Claims (Re) Insurance Forum, to be held from June 11 to 14, 2018.  2017 was a year of intense activity for the Insurance industry due to the multiple occurrence of hurricanes, earthquakes, and forest fires that took place worldwide.  In the particular case of the Caribbean basin and the Gulf of Mexico, five major catastrophic events battered the region in the span of four weeks, resulting in an unprecedented challenge for the industry and for the areas impacted.  These events tested the solvency of the insurers and the capabilities of service providers, especially those dedicated to handling claims.

 

The various round tables of this year’s Forum will emphasize the importance of reliable contingency plans for insurers, brokers, consultants and adjusters. The discussion will be propitious for the participants to share the lessons learned in situations that were extraordinary and challenging.  One of the most interesting aspects will be a discussion entitled “Recurring Property Problems after HIM (HARVEY & IRMA & MARIA)”, which will take place on Wednesday, June 13, 2018, and in which José Miguel Varela, ADVANTA’s Regional Director of LATAM and the Caribbean, will offer an insightful perspective from an International Loss Adjuster.

The experiences shared by different Reinsurers and by loss adjusters such as ADVANTA will provide the attendees with an opportunity to discuss strategies to be implemented in future scenarios of this nature, which, due to climatic changes are expected to occur with increased frequency.  Likewise, attendees will be able to express their points of view regarding the regulatory framework of the different territories and the advantages and disadvantages that they identified in the massive NATCAT events of the past year. Moreover, the Forum discussion will highlight how international insurance programs have worked and provide insight on how multiple insurance acted simultaneously.

The Miami Latin American Claims (Re) Insurance Forum 2018 has become the key event for the insurance industry in the region, a platform where the most relevant actors meet to discuss their opinions and exchange experiences from increasingly complex and challenging operations.  Within the framework of this event, ADVANTA will present the group’s latest developments in the regional such as the opening its new office in Colombia and consolidation of its network of associates with the recent inclusion of Panama and Chile.

ADVANTA’s Regional Office of LATAM and the Caribbean, based in Miami, has continued to experience constant growth, adding new professionals to its team of consultants in response to the demands of the insurance market and confidence they have vested in ADVANTA’s delivery of service and performance.

In the fields of construction and energy, ADVANTA Miami has adjusters who are accredited by IMIA (International Association of Engineering Insurers), IRMI (International Risk Management Institute), GARP (Global Association of Risk Professionals) and is affiliated with OILPERA (Oil, Petrochemical and Energy Risks Association), among other renowned institutions in the industry.

José Miguel Varela, is a Petroleum Engineer with specialization in Reservoir Engineering, and an MBA with concentrations in Corporate Finance and Global Business. José Miguel focuses on claims related to oil & gas, petrochemicals, power generation, as well as business interruption and liability.  Jose Miguel oversees the Miami Office and provides valuable support to our associates and offices within Latin America, predominantly in the Caribbean and Central America.

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Thornton Tomasetti will be at the Miami Latin American Claims (Re)Insurance Forum

Miami, Florida – June 11 to 14, 2018

dolphin TT

DOLPHINS – NATURE’S RISK MANAGERS

Besides being mammals, humans and dolphins share many characteristics and behaviors that explain our close interspecies relationship.  While not exactly claims and (re)insurance professionals, dolphins are, by nature risk managers.  A few examples:

We both experience CATS (well, we manage CATS and dolphins enjoy cats),

We are highly intelligent (dilemmas lead to solutions),

We all make mistakes (and apply the lessons learned),

We are not afraid to ask for help (or offer help when asked),

We are entrepreneurs (impresarios of the Caribbean and Latin America culture, climate and conditions),

We help those who are lost (preferably not in the Bermuda Triangle, though),

We really like humans and dolphins, too (mutual admiration),

We help other species (that said, only a dolphin can successfully handle a shark).

As longtime supporters Thornton Tomasetti properly loss consultants will be in Miami joining Kennedys CMK and QLDG (Quintana, López, Donoghue and González), and you in a lively discussion on current topical issues and trends of the (re)insurance market.

Nicolas Saenz will be a panelist at the Miami Latin American Claims (re)Insurance Forum Construction Catastrophes session.  This interactive session will highlight the catastrophic effects of Palizadas in South American rivers, along with construction and engineering challenges, risk management, and recovery.  The panel will bring personal and corporate experience before, during and after a disaster, sharing their successes and challenges in an open format exchange.

Session 8:  Construction Catastrophes

Thursday, June 14 11:00 am to 12:30 pm

Moderated by:

Anna Weiss – Head of Construction LatAm, Kennedys CMK

Panelists:

Alvaro Gabaldón – President and CEO, Metier Risk Management

Oscar Rueda – Senior Property Claims Manager, Munich Re

Peter Ravey – Major Loss & LatAm & Caribbean Miami Hub Office Director, Cunningham Lindsey

Nicolas Saenz – Associate Principal, Thornton Tomasetti

Carlos Velloso – Chief Claims Officer, IRB Brasil RE

Manuel Moreno – CUO of Latin America, Argo

ABOUT THORNTON TOMASETTI

We optimize the design and performance of structures, materials and systems for projects of every size and level of complexity. An employee-owned organization of engineers, scientists, architects and other professionals collaborating from offices worldwide, we support clients by drawing on the diverse expertise of our integrated practices. We are committed to being a sustainable and enduring organization and the global driver of innovation in our industry.

Learn more about Thornton Tomasetti and how our Forensics and Property Loss Consulting practices can help you.

CONTACTS

Alberto Cuevas
Senior Project Engineer/Mexico
ACuevas@ThorntonTomasetti.com
+52 1 55 8495 5454

Christopher Kahanek
Associate Principal/Los Angeles
CKahanek@ThorntonTomasetti.com
213.810.2266

Amy Phillips
Vice President/Washington DC
APhillips@ThorntonTomasetti.com
202.251.3335

Nicolas Saenz
Associate Principal/Dallas
NSaenz@ThorntonTomasetti.com
214.846.4056

 

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Large Catastrophe Utility Loss talk with RTS International Loss Adjusters during the Miami Latin American Claims (Re) Insurance Forum

  • RTS Regional Director Juan G. Uribe will participate in the roundtable discussion “Large Catastrophe Utility Loss”, scheduled for Tuesday 12th, between 11:00 and 12:30 hours during the Miami Latin American Claims (Re) Insurance Forum

  • Sancho Azevedo, Regional Director for Brazil and Portugal, and David Castillo, Regional Director for the LATAM South Region, will be present during this great annual event to field questions for anyone interested in finding out about the company’s dimensions and the latest developments.

RTS Juan Guillermo Uribe

Juan G. Uribe, Managing Director at RTS International Loss Adjusters

RTS  International Loss Adjusters, the loss adjustment and appraisal firm present in Spain, Portugal and Latin America with almost 30 years at the service of the insurance market, will be an active participant in the 2018 Miami Latin American Claims (Re) Insurance Forum, the annual event per excellence and the original forum on reinsurance in Miami  focused on the claims for the Latin American region, which will be held between 11 and 14 of June 2018 in Miami.

In this year’s event, Juan G. Uribe, RTS’ International Loss Adjusters Regional Director, is participating in the Forum through the roundtable discussion “Large Catastrophe Utility Loss”, which will take place between 11:00 and 12:30 hours on Tuesday 12 June. During the event, the distinguished professionals Javier Guardia (Liberty LIU Latin America), Hector Guardado (Talbot), Daniel Correa (Envista Forensics), Juan López-Santini (QLDG) and Juan G. Uribe, will discuss the topic with practical examples.

Sancho Azevedo, Regional Director for Brazil and Portugal, and David Castillo, Regional Director for the LATAM South Region, will be attending the Forum and avalaible for anyone interested in finding out about the company’s dimensions and the latest developments.

The Miami Latin American Claims (Re) Insurance Forum provides a comprehensive programme with speakers from the highest levels of the industry. The event, now in its fourth year, will again be interactive and dynamic, covering subjects and aspects relevant to the sector, not only from a theoretical perspective but also from a practical one, as well as the most recent and significant developments and updates based on studies and real-life cases.

RTS International Loss Adjusters has consolidated its know-how and expertise and operates with its own offices in Argentina, Brazil, Chile, Colombia, El Salvador, Guatemala, Honduras, Mexico, Panama, Peru, Portugal, Spain, and the USA (Miami); it is also present in the Caribbean área, Costa Rica, Dominican Republic, Ecuador and Venezuela through its representatives. RTS International Loss Adjusters is a founding partner of the VRS Adjusters adjustment network, through which it offers its services in more than 140 countries.

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Thank you all! Just 5 seats left for the 2018 Miami Latin American Claims (Re) Insurance Forum

 

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QLDG and Kennedys CMKwant to give the warmest thanks to those of you that have already signed up for the 2018 Miami Latin American Claims (Re)Insurance Forum.  More than 180 delegates have registered,with over 50% of those coming from carriers and reinsurance brokers.

Only 5 seats remain, which are being reserved for carriers on a strict first come, first served basis.

As always, special thanks to our 2018 sponsors Advanta, Envista Forensics, Rimac, RTS International Loss Adjusters, Sedgwick, Thornton Tomasetti, TransRe and the Welcome Cocktail sponsor IRB Brasil RE

You can find the Programme here2018 Claims Forum Programme

TO REGISTER CLICK HERE using the code: FORUM2018

  • WHEN:      June 11th – 14th, 2018
  • WHERE:   SLS Brickell Hotel in Miami, Florida

For information about the Forum, please contact:

Juan E. Lopez-Santini: jlopez@qldg.com

Alex Guillamont: alex.guillamont@kennedyscmk.com

Hilda Welcker: hilda.welcker@kennedyscmk.com

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Upcoming Women in (Re)Insurance networking event

Women in reinsurance post May 2018

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Update: 2018 Miami Latin American Claims (Re)Insurance Forum

Forum_image Downtown Miami

The 4th edition of the annual Miami / Latin American Claims (Re) Insurance Forum is approaching. Organized by Kennedys CMK and QLDG, the Forum brings together key International and Latin American industry experts that will analyze top claims issues, trends, and developments in Latin America & the Caribbean. Topics and case studies have been carefully chosen based on current affairs and the feedback received by professionals from the (re)insurance industry.

You can find the Programme here: 2018 Claims Forum Programme

As a novelty, besides the participation of technical reinsurance brokers, simultaneous translation in Spanish and English will be available to both, speakers and delegates, and breakout sessions at the end of each day for those who would like to discuss further any of the topics of each day.

Many thanks to our sponsors Advanta, Envista Forensics, Rimac, RTS International Loss Adjusters, Sedgwick, Thornton Tomasetti, TransRe and the Welcome Cocktail sponsor IRB Brasil RE.

The Forum is a by invitation only event, places are limited and are selling out quickly.

TO REGISTER CLICK HERE using the code: FORUM2018

  • WHEN:      June 11th – 14th, 2018
  • WHERE:   SLS Brickell Hotel in Miami, Florida

For information about the Forum, please contact:

Juan E. Lopez-Santini: jlopez@qldg.com

Alex Guillamont: alex.guillamont@kennedyscmk.com

Hilda Welcker: hilda.welcker@kennedyscmk.com

 

Forum sponsors all

 

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Latin America – Regulatory Update

shutterstock_118384402 latam map

2017 was a notable year for the Latin American market, not only due to natural events that tested solvency and the ability to deliver on claims, but also because of regulatory developments in key markets. These are exciting times for the region, which is adopting higher and more competitive market standards and establishing trends set to continue into 2018 and beyond.

Argentina

The political upgrade in Argentina brought about significant improvements to the insurance industry. The market – the third in premium size after Brazil and Mexico – was opened up to international players following the passing of Resolution 40,613 in November 2016. The Resolution allows admitted reinsurers access to the insurance market, who are now able to directly accept risks ceded by local insurance companies without the need for local reinsurers in the middle as before.

 On 3 May 2017, when Resolution 40,422 came into effect, the market widened further with anincrease of the risk percentage that can now be ceded to admitted reinsurers by local insurance companies. In July 2017 it was hiked from 10% to 50% and will rise incrementally until it reaches the 75% limit in July 2019.

Resolution 40,422 also had an important impact on the local market. The minimum capital requirements for local insurers and reinsurers licensed to operate in reinsurance rose from ARS300 million (c. US$15 million) to ARS350 million (c. US$17 million). This new prerequisite challenged the solvency of the local market and many insurance companies decided to file a reconversion plan (Plan de Reconversión) to meet the new demands. These plans included mergers, transfers of business and settlement agreements.

These changes, however, have opened up new opportunities for the international reinsurance market, especially taking into account the extensive infrastructure projects that President Macri has promised to complete in 2018.

 Brazil

The trend started by Argentina reverberated in Brazil. By the end of 2017 the country had endedrestrictions on risk transfer operations involving companies in the same financial group. The minimal compulsory retention of local reinsurers was also repealed.

Resolution CNSP 353/2017 eliminated the maximum percentage of risk cessions allowed within the same economic group, which was formerly set at 30% and was expected to increase to 75% in 2020. Under the new regime, intragroup reinsurance and retrocession transactions are allowed with no restrictions. As long as the Superintendence of Private Insurance (SUSEP) is notified about the risk transfer, the cedant reports the instances of risk concentration in a single occasionalor admittedreinsurer. Further, the auditing departments of local insurers and SUSEP are allowed to verify that an effective risk transfer took place, under balanced competitive terms. SUSEP is therefore not letting go entirely just yet.

Similarly, the Resolution alsoended the requirement of compulsory cession to localreinsurers and the percentage limitations previously imposed. However, direct insurers will still be required to offer the local market at least 40% of its reinsurance cessionon each automatic or facultative contract, but only be required to bind the risk with localreinsurers if they match the terms of the international market. The Resolution also establishes that unfair practices will invalidate the reinsurance contract and the cedant may be subject to penalties to be determined by SUSEP.

 Another development that may have an important impact on the activity of admittedreinsurers in Brazil is Ruling 62/2017 issued by the Brazilian tax authority (Receita Federal). The Ruling established that the activities carried out by a representative office of an admittedreinsurer are equivalent to the activities of a localreinsurer for the purposes of corporate income tax of 45%, 11 percentage points higher than the previous 34% rate that admitted reinsurers enjoyed. Although Ruling 62/2017 is already applicable, meetings between the Receita and the Federação Nacional das Empresas de Resseguros-FENABER are taking place to try and find an appropriate tax regime that both can live with[1].

 With these important changes, the current administration is leaving behind a decades long trend of very slow and protectionist opening and now seems keen to truly promote competition between international and local carriers.

Panama

This year new regulations are expected to be passed in Panama that will affect foreign reinsurers and reinsurance brokers doing business in this vibrant jurisdiction. In January 2018, the Superintendence of Insurance issued a draft regulation that will repeal Agreement No 4 of 2012 that regulates the registration of reinsurers and reinsurance brokers not established in Panama. The draft was under consultation with the industry until 27 January 2018 but the final wording and date of implementation is yet to be announced.

Some of the important changes expected from the new regulation include a double rating requirement for foreign reinsurers, and the imposition of a 60 day timeframe to file the operating license renewal application. If the double rating requirement is approved it may limit access to the Panamanian insurance market for some foreign players.

For reinsurance brokers, on the other hand, the new regulation will require issuance of a US$250,000 bond on behalf of the Superintendence of Insurance of Panama in case of any penalty imposed for breach of the broker’s obligations. Under the current regime, the obligation is to purchase a policy to cover errors and omissions with an indemnity limit of at least US$150,000.

Peru

Towards the end of 2017, Peru passed a new regulation[2]establishing guidelines and limitations to local insurance companies ceding risk in outward reinsurance and when providing cover as co-insurers.

One of the most relevant changes resulting from this new regulation is the rise of the ratings that non-admitted foreign reinsurers must meet in order to underwrite business from Peruvian cedants.

Although there is still no mandatory registration, foreign reinsurers are required to hold the minimum required rating[3]. In practice, local cedants tend to prefer ceding risk to reinsurers already registered with the regulator to facilitate their reporting obligations.

Another important change incorporated by this new regulation is that in cases of pure fronting with 100% of the risk ceded, the parties can agree that the payment of claims indemnities will be owed by the fronting company only after the funds have been received from the reinsurer. This last provision is already raising some eyebrows of cedants and reinsurers alike, and may result in risk managers having an even keener interest in knowing their reinsurers.

By Alex Guillamont, Head of Latin American and Caribbean practice for Kennedys CMK and Lorena Avila, Foreign Legal Consultant for Kennedys CMK.

[1]Admitted reinsurers would also be subject to social security contributions at a rate of 4.65% on gross premiums less claims paid Programa de Integração Social (PIS) and Contribuição para Financiamento da Seguridade Social (COFINS).

[2]Resolution SBS 4706-2017.

[3]Under the new rules, acceptable ratings are: Standard & Poor’s BBB; Moody’s Baa2; Fitch Ratings BBB and AM Best B+.

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