Kennedys continues to expand in Latin America with Argentinian office opening

Kennedys is strengthening its presence in Latin America with the addition of an office in Argentina as its international expansion continues apace.

Buenos Aires City Hall and Cabildo

The Argentinian associate office, Alberto Bunge & Associates (ABA), will become a full Kennedys office from 1 January 2018. The office in Buenos Aires will become the sixth that Kennedys has opened in the region since July 2016 and will complement existing offices in Brazil, Chile, Colombia, Mexico, Peru and the regional Miami hub which opened in 2010.

The new office will be led by existing head of ABA, Alberto Bunge. Kennedys formed a formal association with ABA on 1 January 2016, and their existing team also comprises Virginia Couto and Marina Klein, both lawyers who specialise in insurance law.

The team will remain in their current office, located in Buenos Aires’ downtown quarter, within walking distance of a number of international insurers and reinsurers. ABA also has agents in other jurisdictions within Argentina, ensuring that clients will be able to access services outside of the capital as well.

The focus of the office will remain on larger and complex insurance and reinsurance matters, including coverage, defence and policy wording for all lines, particularly property and casualty, energy and financial lines. The office also has a strong regulatory practice, often working in tandem with the Miami office.

Argentina continues to be the third largest economy in Latin America, behind Brazil and Mexico in terms of both GDP and insurance and reinsurance premiums. A significant number of international insurers and reinsurers have local offices including Berkley, Chubb, Fairfax, Generali, IRB, Liberty, Mapfre, Munich Re, QBE, Sura, XL Catlin and Zurich, with many others also supporting the local market.

Nick Thomas, Senior Partner at Kennedys, said:

“Argentina is one of the largest insurance markets in the Latin American region, and there was a growing need from both existing and potential clients for us to have a full Kennedys presence available to them.

“Our Argentinian office will help secure Kennedys’ premiere position in the Latin America insurance market and adds to our considerable expertise across the region. I am very pleased to welcome Alberto and his team into the Kennedys family.”

Alex Guillamont, Head of Kennedys’ Latin America and the Caribbean practice said:

“Our combination of local, regional and global knowledge and expertise is valued greatly by our clients, who have influenced our decision in establishing a local presence in Buenos Aires.

The new office will now make us more accessible to international insurers and reinsurers operating in Argentina.”

Alberto Bunge said:

“We are very much looking forward to becoming part of Kennedys, as it will provide us with a competitive advantage through the knowledge and expertise we can draw on from its global network for the benefit of our clients. We have already received a lot of positive messages from clients who are equally excited about this development.”

The Argentina office will be located at: Av. Cordoba 817 piso 8° oficina “16” – C1054AAI, Buenos Aires.

This is the latest in a long line of global developments, including office openings this year announced in Bangkok, Bermuda, Melbourne, Mexico City and Paris.

Earlier this year Kennedys announced the completion of its merger with leading US insurance law firm Carroll McNulty & Kull, creating a global insurance practice; and in September completed a merger with UK-based commercial litigation specialists berg, which strengthened Kennedys’ global commercial litigation practice.



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2018 Miami Latin American Claims (Re)Insurance Forum

Forum_image Downtown Miami

Three days of in-depth discussion on current topical issues and trends of the (Re)insurance market, with (re)insurers experts and top industry speakers

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

Kennedys and QLDG are pleased to announce the 4th edition of the annual Miami / Latin American Claims (Re) Insurance Forum, a proven successful event for career advancement and networking. It will be held in Miami from June 11th (Evening Cocktail) to June 14th 2018, at the new SLS Brickell hotel.

As in previous years, the Forum will bring together key International and Latin American industry experts who will be analyzing top claims issues and developments in Latin America & the Caribbean. Topics and case studies are carefully chosen based on current affairs and the feedback received by professionals from the (re)insurance industry.

The recent impact on construction, property, energy and marine claims of the cat events in Peru, Mexico, Puerto Rico and the rest of the Caribbean will feature significantly, as well as the latest on cyber, insurtech, D&O and surety issues. The full program for 2018 will be available soon.

Last edition’s speakers and participants included regional and international representatives from the following companies: AIG, AGCS, Aspen Re, Austral Re, AXIS Re, Chubb, Everest Re, FM Global, Generali, IRB Brazil, Liberty, Munich Re, QBE, Rimac, Scor, Starr, Sura, Swiss Re, Talbot, TransRe, and Zurich among others including several Lloyd’s syndicates and underwriting agents.

As a novelty simultaneous translation in Spanish and English will be available to both, speakers and delegates.

Thank you to Advanta, Rimac, RTS and TransRe for having confirmed their sponsorship. For additional sponsorship and speaker opportunities please contact us.

This is an exclusive event, attendance is by invitation only, as places are limited. Registration is already open.

TO REGISTER CLICK HERE using the code: FORUM2018

For information about the Forum, additional sponsorship and speaker opportunities please contact us:

Juan E. Lopez-Santini:

Alex Guillamont:

Hilda Welcker:

 You can check the Attendance list for 2017 edition here: ATTENDEE LIST2017


Sponsors Nov 2017

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Next Women in (Re)Insurance event


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Women in reinsurance inv post nov 2017

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The fallout from Lava Jato


The Lava Jato money-laundering scandal has caused deep reverberations throughout the insurance industry. Alex Guillamont and Anna Weiss of Kennedys discuss its implications.

What has been the fallout from the scandal and the effect on the insurance industry?

Lava Jato has caused deep reverberations throughout the insurance industry in Brazil, particularly in surety and financial lines. However, the impact of Lava Jato does not end in Brazil, as its effects are being felt throughout Latin America.

The scandal also resulted in the expansion of the powers of the Brazilian administrative authorities, allowing them to impose more severe penalties on companies that are not complying with the relevant regulations; presenting a new risk of exposure that insurers must take into consideration.

Another important effect of Lava Jato was the Brazilian Congress’ approval of the Anticorruption Law, effective on 28 January 2014. The intention of this law is to fill some gaps in the existing law; creating a specific law imposing liability on corporations for corrupt acts committed by their employees or agents. Previously, only individuals could be punished for such violations.

As a consequence of Lava Jato, politicians, and high-level directors of Brazil’s largest companies are being prosecuted and receiving jail sentences for the first time in the country’s history.

One of the biggest questions presented to claims adjusters is whether insurers should pay the defence costs of many directors, officers, and managers implicated in the corruption scandal—information gathered mostly from these plea bargain agreements. Each case will depend on the specific allegations made against the insured, the specific D&O policy wording, and how any admissions by the insured are phrased.

These questions are far from being solved and further complicating the situation are the conflicting positions that come from the complex re/insurance structures backing the majority of large policies.

Thus, more than ever, re/insurers need to review their wording and consider whether specific clauses for the kinds of situations detailed above should be covered.

What has been the effect on the construction industry?

Before Lava Jato, the Brazilian economy enjoyed an accelerated growth in the construction market; it was full of large-scale programmes such as power plants, hydroelectric dams, oil wells, and projects for the World Cup and the Olympics. However, in 2015 a financial crisis gripped Brazil that continues to this day.

In the midst of this crisis, Lava Jato revealed that the company’s biggest contractors were complicit in the largest corruption scheme in the country’s history. Odebrecht admitted it paid US$788 million in bribes to win contracts in 12 countries. This naturally aggravated the impact of the economic crisis on those companies, which had to sell assets, fire many employees, and in some extreme cases, declare bankruptcy. Peru and Colombia have banned Odebrecht from bidding on new contracts.

Several construction companies have been trying to exculpate themselves of Lava Jato by actively collaborating with the investigation and working to create a new business environment, but the outcomes of Lava Jato and the attempts to create this change of mentality to the business culture are forward-looking measures that have yet to produce any immediate results.

In the midst of the political and economic crisis that is gripping Brazil, there has been no discussion on the real necessity to improve infrastructure in all areas of Brazil. It is believed that the government will soon have lucrative opportunities to tender and the expectation is that new players in the construction sector will step into the vacuum left by Lava Jato, especially from China.

What will this mean for insurers in the country?

It is not clear when the government will resume its investment in the different sectors. Until then, construction and engineering insurance will suffer the impact felt by their clients and will have to consider how to reinvent themselves.

However, what represents a loss of opportunity for the pure construction insurance sector, represents a large opportunity for the financial lines and surety sectors. The underwriters that are dealing with these lines of business need to be more active and consider all elements that can affect the risk of their clients.

What do insurers need to be aware of in relation to the scandal?

The takeaway for re/insurers from Lava Jato is that the relationship between the public and private sector needs to be fundamentally redefined and that corruption is a threat that must be combated relentlessly. How companies in Brazil, and in the rest of Latin America, will do that, is not yet clear.

Insurers need to assess their wordings and exclusions in order to avoid indemnifying losses arising out of fraudulent schemes. But perhaps more than that, a more active (as opposed to reactive) solution lies with insurers. Insurers should take steps to be aware of their client’s profile and business culture through a thorough due diligence and more direct interaction with the client.

Alex Guillamont is head of the Latin America and Caribbean practice at Kennedys. He can be contacted at:

Anna Weiss is head of construction for Latin America and the Caribbean at Kennedys. She can be contacted at:

This interview was published by Intelligent Insurer on Nov 13 2017 ( and in the FIDES Day 1 Newsletter.

Isadora Talamo and Javier Vijil, both from Kennedys also contributed with the content of this interview.


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Evolving D&O landscape in Brazil

Empty conference room seen from above, 3D Rendering

SUSEP Regulation 553/2017

On 23 April 2017, SUSEP, the Brazilian insurance authority, issued its suspension of Regulation 541/2016–its most recent regulations on D&O insurance. In its stead, SUSEP issued Regulation 553/2017, which aims to re-establish minimum requirements that D&O wordings in Brazil must comply with, effectively replacing the requirements issued under 541/2016. We view this new regulation as SUSEP’s much-needed response to the lack of appropriate and specific regulations on the topic.

Regulation 553/2017 expressly states, under Article 4, that individuals are now entitled to purchase D&O policies directly. Purchasing D&O policies used to be an exclusive right of legal entities who would purchase the policies as policyholders while their directors and officers were designated as the insured. How (re)insurers and D&O wordings will adapt to this new reality is yet to be answered. We also note that this new policy catered directly to individuals must have its wording approved by SUSEP.

Regulation 553/2017 also holds that insurers are able to offer a broader definition of Insured Person, to be taken out as additional coverage, so as to encompass service providers hired by the policyholder and/or the insured, e.g. lawyers, accountants, etc. There is also the possibility to broaden the definition of Insured Person to provide coverage for depositaries, liquidators, and other administrative intermediaries.

The regulation also establishes new rules related to Side B cover. D&O insurance is typically offered via three coverages—Side A, Side B, and Side C:

  • Side A coverage reimburses individual D&Os (insureds) for any indemnifiable covered losses they have incurred personally.
  • Side B is an additional coverage that is taken out to reimburse the entity (policyholder) for indemnifiable financial losses it has incurred on behalf of the insured.
  • Side C coverage is an additional coverage that is taken out by the entity itself that reimburses the entity for any indemnifiable financial losses it has suffered as a result of a securities action brought against the entity.

Read More:  2017 SUSEP D and O Brazil

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Upcoming Seminar on October 19: Aviation in Latin America

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Kennedy’s will be hosting a new seminar as part of its London Market series.

Fabio Torres, Partner in Kennedys Brazil, will be speaking about Aviation in Latin America covering the following:

  • an overview of the Brazilian aviation market and important legislation
  • LatAm aviation market – coverage and policy issues

October 19, 2017

8:30 am                      Registration and breakfast

8:45 – 9:45 am           Seminar



25 Fenchurch Avenue



Hope to see you there!


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Trans Re is hiring

Trans Re logo

Trans Re shared with us the following opportunity available in its Miami office:

Sr. Underwriter-Property Treaty


The Underwriter for the Latin American & Caribbean Division of Transatlantic Reinsurance Company will be responsible for the following:

  • Evaluates large, complex risks associated with underwriting a Property Treaty book of business and decides (within approval authority) to accept or decline.
  • Responsible for maintaining a profitable book of business by evaluating and identifying profitable relationships in the Latin American Division,
  • Negotiates and underwrites new and renewal (Property) risks.
  • Makes independent sales calls to market reinsurance offerings and prepares proposals for more routine treaty situations.
  • Develops negotiation strategies to market offerings and prepares proposals
  • Maintains ongoing awareness of Industry trends and issues as well as the needs of current and prospective clients


  • 5-7 years of Property Treaty insurance/reinsurance experience.
  • Knowledge of insurance/reinsurance underwriting concepts, practices, procedures and techniques
  • 25% travel to Latin America and the Caribbean
  • Marketing abilities
  • Computer literate (Word/Excel/PowerPoint)
  • Bachelor’s degree required, MBA desirable
  • Ability to multi task, highly organized, detail oriented, self starter
  • Good analytical skills as well as sound financial analysis skills
  • Bilingual (English/Spanish)

For immediate and confidential consideration, please email your resume to

We are an Equal Opportunity Employer (EOE) and we support diversity in the workforce.

We are a leading international reinsurer, operating in 25 cities worldwide. Since 1977 we have built our business on the principles of offering constructive flexible solutions backed by rock solid financial security, and we have grown into one of the world’s leading reinsurers by coupling a global perspective with local support.

Our Vision Is to be the first-choice provider of reinsurance to our clients worldwide.  We strive to create unmatched value for our customers, colleagues, business partners, and shareholders as we contribute to the growth of sustainable, prosperous communities.  We achieve this through our Core Values:

Integrity. Work honestly. Enhance our reputation

People. Develop diverse talent. Reward excellence

Customer Focus. Anticipate their priorities. Exceed their expectations.

Respect. Value all colleagues. Collaborate with one another.

Entrepreneurship. Seize opportunities. Innovate for and with customers.

Performance. Be accountable. Manage risks. Deliver our strength.


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