Willis Group Holdings, the global insurance broker, today announced the appointment of Antonio Tosti to the newly-created role of Chief Executive Officer of Willis' Latin American Reinsurance business.
In addition to his new role, Tosti will maintain his current responsibilities as CEO of Willis' facultative business in Continental Europe, a position he took on in 2010. He will report to Luis Maurette, CEO, Willis Latin America and Jason Howard, CEO of Faber, Willis’ global facultative and wholesale broking business.
Initially based in Santiago, Chile, Tosti will have responsibility for managing the reinsurance business conducted in Willis' 21 offices across seven countries in the region, and will work closely with Sergio Montoya and Tony Phillips, joint Managing Directors of Willis Re’s treaty reinsurance business in Latin America and the Caribbean. Tosti will also have close ties with the local retail businesses, regional large account and specialty business, and the London-based Faber team.
Tosti, who has been with Willis since 2006, gained extensive retail experience in the broker’s Financial & Executive Risks (FINEX) division where he was CEO of the London-based FINEX Global and before that, Managing Director of FINEX International, a team that handles Financial, Executive Risk and Professional Liability business outside North America and the UK.
The insurance industry in Latin America is expected to grow on average by 8% annually between 2011 and 2015 – twice the predicted growth rate for developed insurance markets in the same period, according to a leading reinsurer.
Commenting on the importance of Willis’ reinsurance business in Latin America, Maurette said: “Our reinsurance arm is a fundamental part of Willis Latin America’s growth strategy. With his in-depth knowledge of both the retail and reinsurance parts of our business, Antonio will continue to build on the strong bond that exists between these divisions, using our Latin American platform to access the specialist capabilities across Willis Group for the benefit of our clients.”
Howard welcomed the move, saying that facultative reinsurance is a major growth area for the broker in Latin America. “In his new dual role, Antonio will be in an excellent position to oversee our full reinsurance offering in the region, ensuring that our facultative and treaty offerings are fully aligned to the benefit of ceding company clients.”