LATAMIR. 10 power 50 POW E R

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1 10 power POW E R LatAm Insurance Review s 2014 Power 50 list aims to compile a snapshot of the leading executives in the region s insurance industry. From underwriters to lawyers, our readers have picked the industry forerunners and rising stars across the whole risk transfer chain, drawing attention to innovation, passion and service excellence BY Roberto Barros

2 power Listed alphabetically by company name INSURERS Jorge Luis Cazar, regional president, Latin America, ACE Responsible for overseeing Ace s operations in nine Latin American countries, Jorge Luis Cazar was appointed regional president for ACE Latin America in His most recent achievements include overseeing the successful acquisitions of insurer ABA Seguros and surety lines firm Fianzas Monterrey in Mexico, as well as the integration of (re) insurer Río Guayas Compañía de Seguros y Reaseguros, in Ecuador. Eduardo Fábrega, CEO ASSA Compañía de Seguros As CEO of Panama s largest insurance company, Eduardo Fábrega has led the company s expansion into Central America, Colombia and Bermuda, while maintaining a lead position in Panama an increasingly competitive insurance environment in a geographically limited market and sustaining a good level of Insurers James Dwane, President and CEO, Latin America risk diversification within the P&C business. Jacques Bergman, CEO, Fairfax Brasil Present since the inception of Fairfax Brazil in 2009, Jacques Bergman is regarded as a frontrunner by the Brazilian industry, having established his name in the market as managing director of Itaú Seguros, and COO of its corporate insurer Itaú XL Seguros Corporativos. His experience has been the guiding force of Fairfax s strategy in the Brazilian market. João Francisco Borges da Costa, CEO, HDI Seguros As head of HDI Gerling s insurance subsidiary in Brazil, João Francisco Borges da Costa oversees the fastgrowing operations of the insurer in the country (reporting a 25% year-on year increase in net written premiums in 2013), while also representing international insurers and stimulating competition in the market as president of the Brazilian association of international insurance companies and Caribbean, AIG James Dwane is responsible for overseeing AIG s property casualty insurance operations and business strategies in the 15 countries in which US insurer operates in the region, which represents $1.5bn in revenues for the group. Under his leadership, the region launched 33 products in 2013 with more than 100 in development as part of a strategy to double its revenues in the next five years. Dwane s direction will be pivotal as AIG continues placing a tremendous amount of focus on Brazil, Colombia and Mexico as strategic business expansion countries. Insurers Gonzalo Pérez, CEO, Suramericana Gonzalo Pérez s directorship of insurer Suramericana part of regional financial holding company Grupo Sura has propelled its internationalisation process, establishing a presence in the Dominican Republic, El Salvador and Panama. With a view to making Suramericana a multi-service, multi-channel and multicountry company, with a focus on integral risk management, Perez played a fundamental role in establishing it as the fifth largest insurer in Latin America and as the market leader in Colombia. Offering comprehensive risk management solutions is crucial in order to compete with multinational insurers, Pérez told LIR in August, (ABCSI Associação Brasileira das Companhias de Seguros internacionais). Victor A. Meintjes, executive vice-president and COO Latin America, Liberty Mutual Group Accounting for over 10% of overall net written premium in 2013, Latin America remains a key focus for Liberty Mutual Group, with a lot of that presence down to the strategic direction provided by Victor Meintjes. Ever since he joining Liberty Mutual in 1995 via the group s acquisition of Venezuelan insurer Seguros Caracas, Meintjes has seen the company expand into new markets including, most recently, Mexico through the acquisition of surety provider Primero Fianzas. Vincent Vandendael, director, international markets and Gabriel Anguiano, head of Mexico desk and Spanish Latin America, Lloyd s While promoting and protecting Lloyd s business across the globe, one of Vincent Vandendael s main tasks is implementing the Corporation s Vision 2025 a strategy that aims to substantially grow its business in emerging markets, with a specific focus on Latin America. Gabriel Anguiano established the Mexico Desk and is responsible for Lloyd s initiatives and wider strategy in Latin America through a focus on analysis and formulation of strategies. Rafael Casas Gutiérrez, CEO of Latam and Chairman of Mapfre América, Mapfre Sitting on the board of several of the group s companies, Rafael Casas Gutiérrez s experience in overseeing the Latin American market has contributed to Mapfre s strategy as one of the main insurers there, with the region representing over 40% of revenue for the group. Jayme Garfinkel, chairman, Porto Seguros Stepping down as CEO of Porto Seguros in 2012 Jayme Garfinkel is still active as chairman of the board of the insurer, which

3 power he helped grow to one of the largest players in Brazil from a small company bought by his father, Abraham Garfinkel, in Jose Sojo, CEO Latin America, QBE After joining QBE in 2001, Jose Sojo has led the team responsible for the company s expansion, from a one-country operation to the current business, operating in seven countries and underwriting over $1.5bn in premium. As a member of QBE s group executive, he is also involved with different global initiatives. Insurance Associations Recaredo Arias Jiménez, director general, Mexican insurers association AMIS (Asociación Mexicana de Instituciones de Seguros) Recaredo Arias has taken a leading role in representing the industry in the consultation period with financial regulator CNSF over the conditions and terms of implementation of solvency-based regulation in the form of the Ley de Instituciones de Seguros y de Fianzas. He has also established a number of innovations including plans to develop a government-subsidised catastrophe microinsurance programme in Mexico. Arias has been a vice-president of the Global Federation of Insurance Associations since Fernando Concha, CEO, Latin America, RSA Fernando Concha oversees the six countries in Latin America where RSA has a presence, which represent half of the group s emerging market division, with the Latin American operations growing on average by 20% in profitability each year. Rapidly rising through the ranks to become RSA s Chile CEO at age 28, he remains one to watch as a rising star in the region. Rafael Audelo Mendez, CEO, Seguros Inbursa With over 36 years of experience in the insurance space, Rafeal Audelo continually faces the challenge of further strengthening and projecting Seguros Inbursa (part of Carlos Slim s Grupo Financiero Inbursa) as the best and strongest insurance institution in Mexico. Gabriel Portella Fagundes Filho, CEO, Sul América After assuming the role of CEO in Q1 2013, Gabriel Portella has been making daily changes to the company s business model to best capitalise on Brazil s rising income levels, including investing in its claims management and broker networks. Sul América reported record net profits in 2013 of R$480.4m ($214m), with a net premium growth of 15.1%. Iván González, Head of Latin America, Swiss Re Corporate Solutions Under Iván González s leadership, the corporate solutions provider of Swiss Re has gone from an insurer with two lines of business to a multi-liner with an expanding presence in Latin America. González was instrumental in the company s acquisition of UBF Seguros in 2011 and most recently in expanding to Colombia, where it joined forces with specialty insurer Seguros Confianza. Bruno Laval, regional Manager for Iberia and Latin America, XL Bruno Laval planned and implemented XL Group s strategy to enter the Latin American insurance market - and has since successfully established XL Group s presence in the region as a global programme partner and specialist insurers for complex risks. Michael Raney, CEO Global Corporate Latin America, and Antonio Cássio dos Santos, chairman and CEO, general insurance for Latin America, Zurich Since beginning his career at age 14 as a clerk at an insurance company, Antonio Cássio dos Santos has become an established name in the industry. With a wide range of industry experience including as the CEO of Mapfre insurance group in Brazil, where he grew the insurer from a $200m business in 2001, to a $6.5bn business in 2011 Antonio Cássio is best known for driving Zurich to the number two spot in the industry in terms of size through a mixture of turn around and start up strategies. Michael Raney holds responsibility for profitable growth and delivery of comprehensive insurance solutions to Zurich s large corporate customers in Brazil, Mexico, Argentina, Chile & Venezuela. Insurance associations Jorge Humberto Botero, president, Colombian insurers association Fasecolda (Federación de Aseguradores Colombianos) Jorge Humberto Botero Angulo has facilitated the promotion of the industry s interests while at Fasecolda ever since taking on the role of president of the insurance association in Insurance Associations Marco Antonio Rossi, president, FIDES and CNSeg Marco Antonio Rossi brings to the directorship of CNSeg and Fides a vast amount of experience, accumulated over 30 years in the industry and as CEO of Grupo Bradesco de Seguros e Previdência, the insurance arm of one of Brazil s largest financial groups. Recently taking over as head of the Inter-American insurance association, FIDES, representing around 1,600 insurers and reinsurers, his goal will be to encourage debate on a range of regulations, as well as to address the main trends in the industry.

4 14 power 50 June, Botero has met some of the industry s main challenges head on, including addressing barriers to implementation of mandatory coverage for floods and fire damage. José Manuel Camposano Larraechea, president, AACH Asociación de Aseguradores de Chile Chairman of the insurance association of Latin America s most sophisticated market, José Manuel Camposano is a key voice for the industry domestically and regionally, not least during the enactment of Chile s new risk-based capital regulation. Raúl de Andrea, general manager, APESEG Asociación Peruana de Empresas de Seguros With his 40 years of experience in finance, supporting efforts for more effective commercial insurance solutions in Peru, Raúl de Andrea is also dedicated to the dissemination of risk prevention awareness, and residual risk protection as well as providing the industry with support in technical, legal, occupational and tax matters. Angelo Colombo, president and CEO, regional unit Americas, Allianz Global Corporate & Specialty Angelo Colombo has been leading Allianz Global Corporate and Specialty in Brazil since Since then, AGCS has obtained a local reinsurance license (AGCS Resseguros Brasil), and Colombo has employed an ambitious strategy to expand its footprint in the region, with plans to enter Peru and Bolivia, and recently obtaining the regulatory approvals to operate in Chile and Colombia. Leonardo Paixão (top), CEO, and José Farias de Sousa, Chief Underwriting Officer, IRB Brasil Re Leonardo Paixão has maintained the status and relevance of the former state monopoly, not least by pushing its participation in markets outside Brazil. We will...accelerate expansion throughout Latin America as well as develop new products, all the while improving the company s infrastructure, he told LIR in December. With over 30 years of experience, José Farias de Sousa is a respected name in the industry. Regarded by his peers as a seasoned underwriter with a broad understanding of economics, he has shown adaptability in a number of roles within Latin America s largest reinsurer. Bruno Freire, CEO, Austral Re After beginning his career at Aon Benfield in 2000, Bruno Freire took over Austral Re s operations and since its 2011 entry as a local reinsurer in the Brazilian market he has been driving the company s market share, having reached the position of the fifth largest player in the market in Gerardo García, general director, Barents Re As advisor for both insurers and brokers across the region, Gerardo García s 18 years in the industry are contributing to Barent Re s ambitious strategies as the Panamanian reinsurer looks to expand its footprint globally, with a focus on niche markets, facultative and treaty businesses. Alexandre Malucelli, chairman, Grupo Segurador JMalucelli Alexandre Malucelli continues to play a key role in the firm, which has become a leader in surety bonds in Latin America, since his appointment to co-ordinate the insurer s launch in Mathias Marwege, senior executive manager, Latin America, Spain, Portugal, and the Caribbean, Munich Re Matthias Marwege represents the firm s noted regional experience and reinsurance expertise through a detailed understanding of its main markets in order to carry out the reinsurer s strategy of client proximity coupled with global expertise. James Grieve, CUO and regional manager, Latin America and the Caribbean, Scor Re With overall responsibility for the underwriting strategy and policy in Latin America, James Grieve brings his experience in the London and Miami markets to a company with a dedication to cracking the code to emerging market success. Paulo Botti, CEO, Terra Brasis After holding several key roles in the insurance industry, including as former executive vice president of Itaú Group, Paulo Botti was instrumental in the establishment of Terra Brasis. As a domestic firm operating solely in reinsurance, and focused exclusively on Brazil and without corporate links to insurance groups, Paulo Botti s firm has established itself as a main player in the highly competitive Brazilian market. Ingrid Carlou, CEO, Patria Re After taking the lead at Mexico City-based specialist insurer and reinsurer Patria Re in 2012, Ingrid Carlou has redrafted the domestic company s strategy in the market in order to reposition Patria Re as a small international (re)insurer focusing on Latin America business. With a view to strengthen its position in the international market, she was responsible for opening a marketing office in London in December 2013.

5 power Brokers Fernando Antonio Pereira da Silva, Latin America CEO, Aon Risk Solutions Managing offices in more than ten countries in Latin America, besides representative firms in the Caribbean, Fernando Pereira has applied an innovative approach to the way Aon has established its presence in the region. Focusing efforts on promoting organic growth by expanding physically into new markets, he has proven his worth in the region which represents the highest growth rate for the broker. Alejandro Galizia, CEO, Latin America, Aon Benfield With extensive reinsurance expertise, including as president of Aon Benfield Argentina developing solutions for major corporate clients, Alejandro Galizia brings fresh focus and expertise to his role, and faces the task of optimising Latin America client results. (See p.23 for a Q&A) Margo Black (top), head of reinsurance, Latin America South and president of Swiss Re Brasil Resseguros, and Alejandro Padilla, head of reinsurance Latin America North and president of Swiss Brokers Mexico, Swiss Re Margo Black has 34 years of industry experience. Described by readers as a key industry player, she oversees Swiss Re s reinsurance programmes for Brazil, Chile, Colombia and other key markets in South America. Extensive experience in the P&C space has given Alejandro Padilla the necessary understanding of a wide range of markets including Mexico, Central America, and Venezuela, for leadership of Swiss Re s northern Latin America region. Miguel A. Gonzalez, president and CEO, Bal Naak A well-known name in the Miami reinsurance space, Miguel A. Gonzalez specialises in urban infrastructure, mortgage portfolios, utilities and all types of catastrophe programmes. Steve Jackson, Latin America regional CEO, Cooper Gay Steve Jackson is responsible for the broker s extensive Latin American network of reinsurance offices, which benefit from his expertise in property facultative reinsurance including oil and gas, power, mining and general property risks. A highly respected Latin America reinsurance expert with market-leading Philippe Rochaix, president & COO of XL Re Latin America, XL Re Philippe Rochaix has collected a number of impressive achievements over his 26 years in the industry including the establishment of support teams in Buenos Aires, São Paulo, and Bogotá, and increasing the capital of XL Resseguros Brasil S.A. to above R$200m ($90.5m). Through the promotion of data quality he has refocused the company s portfolio, differentiating it through a technical approach to reinsurance. programme placement and claims settlement experience, his contacts in the region are also second to none. Aidan Pope, CEO of Latin America and the Caribbean operations, Guy Carpenter Aidan Pope is leading Guy Carpenter s strategy to expand its presence in the region. Establishing strategic investments in Peru and Colombia, and heading efforts to diversify the firm s product offerings in both treaty and facultative lines, he is also spearheading Guy Carpenter s initiative to protect residual insurance loss for governments and institutions by helping them access alternative markets. Mike Methley, group COO, and CEO Latin America, JLT More than 30 years experience in the insurance industry with a background in construction, power, utilities and infrastructure projects contribute to what Mike Methley can bring to JLT s strategy in the region, accounting for total revenue growth of over 10% in 2013 for the firm. Luis Maurette, Latin America CEO, Willis Since taking this role in October 2011, Luis Maurette completed several company turnarounds and expanded into unexplored Latin American markets, while also making significant changes to the leadership of Willis Latin America with new senior appointments and consolidation of high-performance operations. With over 30 years experience in the insurance and financial markets, Luis has led several important companies including CIGNA, La Caja and Liberty Brazil and looks set to continue paving the way to sustainable profitable growth in the long term for the broker. Hélio Novaes, country general manager, Brazil, MDS Hélio Novaes brings his experience in risk management to the role of general manager of MDS Brazil, operating across the whole domestic territory and managing over R$1bn ($452m) in premium from 90,000 corporate clients. With a focus on providing solutions for industries including telecommunications, petrochemicals, energy generation and large construction projects, he brings a wealth of knowledge from previous roles including at Sul America Seguros where he led the integration of the local insurer with ING.

6 16 power 50 Brokers Ricardo Brockman, CEO of Latin America, Marsh Ricardo Brockmann has led Marsh s regional operation to its most successful double digit growth performance ever in 2013, through both organic growth in all countries and key acquisitions in both Peru and the Dominican Republic. By focusing on delivering industry-leading global resources to both local and multinational clients, he has strengthened the regional corporate footprint. Jose H. Astorqui, managing director, Howden Latin America Jose Astorqui s experience and understanding of markets in Iberia and Latin America are a key asset for Howden Broking Group as it builds its Iberoamerican broking platform. With plans to continue to build its presence in Latin America, adding to 11 offices in six countries, his knowledge will only benefit the company further. Service providers: Lawyers Martín Argañaraz Luque, head of the insurance & reinsurance practice, Allende & Brea Abogados Martín Argañaraz Luque is a leading insurance and reinsurance lawyer in the Argentine market, offering legal consultation to international insurers doing business in Argentina in complex claims related to general P&C, aviation, financial lines coverage, among other legal matters. He recently advised major international reinsurers in dealing with the Argentine reinsurance regulator on various matters. Sergio Arellano Iturriaga, partner, DAC Beachcroft Chile, and Camilla de la Torre, partner, DAC Beachcroft Colombia Sergio Arellano has handled major cases including a D&O case against executives of a bank related to a global insurance programme; a professional indemnity case against an energy consortium, and civil liability cases defending highway concessionaires. He has been Chairman of the Insurance Law Association, AIDA Chile, and in-house lawyer for Aetna Chile Seguros. Camilla de la Torre advises foreign investors, business corporations and national and international insurance and reinsurance companies, as an arbitrator at the Arbitration and Concilliation council of Bogotá. She has extensive experience in arbitration tribunals. Ernesto Tzirulnik, partner, Ernesto Tzirulnik Advocacia Ernesto Tzirulnik has carved out a career as one of the leading litigators and academics in insurance legislation in Brazil. His firm was involved in most major insurance, reinsurance and civil liability cases in the country, including the now-famous Jirau power plant case. João Marcelo Santos, head partner, insurance and reinsurance department, Demarest & Almeida Advogados Formerly a director and deputy Superintendent of Brazil s insurance watchdog, Susep, working on the drafting, discussion and approval of supplementary Law 126/2007, which opened the Brazilian reinsurance market, João Marcelo currently advises clients on regulatory, contractual and M&A matters including AXA on its return to the Brazilian market through the incorporation of a corporate insurer and reinsurer in the country, and other global companies including AON, General Re, Lloyd s, Mapfre, Munich Re, RGA and RSA. Alex Guillamont, director of Miami office for Latin America & Caribbean, Kennedys Alex Guillamont handles disputes on behalf of leading international insurers and reinsurers, having represented clients across the region. An acknowledged expert on (re)insurance matters, he is involved in complex losses on major environmental and natural disasters; contractors all risk; financial institutions and D&O claims; energy losses; regulatory compliance and third party administration schemes; as well as political risk and trade in the entire region. Yves Hayaux-du-Tilly, partner, Nader, Hayaux & Goebel Specialising in insurance and reinsurance both in contentious and noncontentious matters, most recently Yves Hayaux has represented AXA in the acquisition of HSBC Mexico s property and casualty insurance portfolio, Grupo SURA in its entry into the Mexican insurance market through the acquisition of Primero Seguros, and the Mennonite community of Chihuahua in the incorporation of Der Neue Horizont Re, a Mexican reinsurance company specialising in agricultural risk. He represents Mexican and foreign insurance and reinsurance companies in the only Mexican law firm with an office in London. n Brokers Francisco Xavier Casanueva Pérez, CEO, Interprotección, Grupo CP Francisco Xavier Casanueva Pérez is a leading figure in the Mexican market, transforming the first generation company into a leading insurance brokerage firm in Latin America. Specialising in commercial retail P&C, risk management services and reinsurance solutions, Grupo CP s operations are now expanding regionally, an achievement down to his efforts to drive the company forward.

7 power top 10 risk managers LatAm Insurance Review has assembled a separate list of the region s highly regarded risk managers. Though not part of the Power 50 list, these names have been picked by our readers as individuals with a high degree of sophistication and knowledge of enterprise-wide risk management systems, advanced risk transfer strategies, and a passion for the culture of insurance and risk BY Roberto Barros Salvador Ortiz, corporate risk manager, Servicios Administrativos Peñoles Salvador Ortiz has gathered a wide range of experience throughout his career, including roles at Mexican oil company Pemex as corporate risk manager and head of the firm s captive insurer. Carlos Tessarollo, global insurance manager, Petrobras Tessarollo is responsible for insuring assets of around U$160bn, and managing the oil giant s largest engineering risk facilities. He was instrumental in the development of a system that allows managers to see how recommendations made by the engineering risk reinsurance team are being implemented. Julian Laguna, corporate insurance manager, Pacific Rubiales With responsibility for insurance policies, risk management processes and credit control of the firm, Julian Laguna played a leading role in the establishment of the company s Bermuda-based captive reinsurer, Pacific Reinsurance, operational since December Cristiane Alves, head of insurance, Companhia Siderurgica Nacional (CSN) Cristiane Alves is a leading name in the Brazilian risk management space. She is perhaps most recognised for her work as head of the Brazilian Association of Risk Management (ABGR) where she continuously works to advance the culture of risk management by shedding light on the main barriers to the implementation of effective insurance solutions, as well as encouraging debate on effective risk transfer methods. Andrea Almeida, head of global risk management, Vale Andrea Almeida s recent achievements include successfully implementing a global property programme with the participation of a captive insurer and creating an analytical pricing project using loss distribution for all layers of the risk management strategy. René A. Martinez, global director of insurance & risk management, CEMEX With extensive knowledge of global insurance programmes and the insurance marketplace, René A. Martinez s 13 years in the industry have enabled him to design, evaluate and implement strategic, innovative and creative solutions at global building material supplier Cemex. Pablo Hernandez, head of risk management, Coca- Cola Femsa Highly recognised in the Mexican risk management space, Pablo Hernandez s name continuously crops up as part of a group of Mexico s most sophisticated risk managers, with responsibility for solutions at the largest franchise bottler of Coca-Cola trademark beverages, enjoying one of the most modern plants in Latin America. Sergio Toro, head of risk management and insurance, Empresas Públicas de Medellin (EPM) As head of risk management and insurance at Colombia s multi-utility firm EPM, Sergio Toro s efforts to implement an integrated risk management structure, along with his diverse risk transfer knowledge, make him a worthy name among some of the brightest in the risk management space. Fulvio Cimino, global insurance manager and risk manager for Pacific Hydro Chile, Pacific Hydro Specialising in energy and property risks, Fulvio Cimino has extensive insurance experience, leading the Latin America market strategy of Torus Insurance, before joining Pacific Hydro in 2013 as global insurance manager responsible for renewable energy projects in Chile, Brazil and Australia, with a particular focus on Latin America. Dante Tapioca, risk manager, distribution, Neoenergia As the risk manager responsible for distribution at Brazilian holding company Neoenergia, Dante Tapioca has extensive knowledge of technical energy risks and a deep understanding of the Brazilian insurance market. (See profile, p.18) n