Willis Group Holdings, the global insurance broker, today announced the further strengthening of its operations in Latin America with the appointment of Alejandro Vaccaro as CEO of the company’s Chilean facultative reinsurance division.
Alejandro Vaccaro, who joined Willis from Aon Benfield on August 1, 2012, will lead Willis’ Chilean Facultative team that was established in 2005.
The announcement follows the appointment of Antonio Tosti to the newlycreated role of Chief Executive Officer of Willis' Latin American Reinsurance business in June this year. Tosti, currently based in Santiago, Chile, will be relocating to Rio de Janeiro in November, while Vaccaro, will be based in Santiago, reporting to Tosti.
Most recently Director of Aon Benfield’s Corporate Facultative Reinsurance Division, Vaccaro brings 33 years of reinsurance experience to Willis. Beginning his reinsurance career as an underwriter, Vaccaro was working on the Caja Reaseguradora de Chile, later to become Mapfre RE, when Chile’s reinsurance market was opened to foreign carriers in 1980.
Commenting on the new appointment, Tosti said: "In keeping with our intention to continue to build the strength of this important business, I am very pleased to announce this significant addition to our Chilean operation. Alejandro is a highly experienced, accomplished and knowledgeable facultative reinsurance broker."
"This is a time of intense development and opportunity in the Chilean market, driven by current and future investments in the country and its industry. As one of the most seismically active countries in the world, Chile’s catastrophe exposures are considerable, and reinsurance offers risk management solutions to help mitigate these risks. 95% of the losses following the 2010 Chilean earthquake, which cost the industry an estimated US$8.5 billion, were covered by reinsurance companies. The opportunities for our business, and the necessity for our clients in the region to have access to the best possible solutions we can offer them is clear."
Jason Howard, CEO of Faber Global, Willis’ facultative reinsurance business commented: "There is huge opportunity in the facultative reinsurance market in Chile. The country has seen enormous infrastructure growth, and particular growth in the construction industry, which represents a key market for facultative reinsurers."
Howard went on: "Chile is the most mature insurance market in the Latin American region. Direct written premiums in Chile are predicted to rise 30% in the next three years which will result in significant facultative opportunities. I’m delighted to welcome Alejandro to Willis. He is a well-regarded expert in his field, knows the local market and understands how best to serve the needs of our clients there."