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The People’s Insurance Company of China (PICC) is deploying capacity into the Latin America market through a start-up founded by a former Brit underwriter, The Insurance Insider can reveal.
Yesid Rodriguez, a former vice president at Brit, has launched a construction and property coverholder in the Miami market.
The move comes after Brit closed its Latin America and Caribbean-focused Miami office after five years of trading, shifting the business there to London and other locations.
Specialty Lines Underwriters (SLU) will write an array of construction reinsurance risks including construction all risks, erection all risks and construction liability cover, according to a post on social media. The business will also underwrite property fac risks.
Rodriguez told The Insurance Insider: “We have capacity from PICC China, it’s their first time underwriting directly from the region.”
SLU has $25mn of capacity that can be deployed for 48-month periods, plus an additional 24 months of post-completion maintenance. Unlike most specialty insurance lines, which renew annually, a construction-all-risks policy lasts for the entire length of a project’s duration.
“It really is new capacity – traditionally Miami MGAs have been backed by European reinsurers,” Rodriguez said.
The MGA began writing business on 1 December and is based on Brickell Avenue in Miami, the beachside city’s answer to Lime Street in London for its concentration of specialty (re)insurance underwriters and brokers.
Withdrawals of capacity and a series of major losses have made the first of Latin America’s major renewal dates typified by significant pricing changes for facultative business.
• 40 percent of Latin American fac market renews at 1 January
• Capacity falls as various markets exit, notably several Lloyd’s players
• D&O pricing “totally nuts”
• Property rates up 15-20 percent, energy up as much as 25 percent
• Concern mounts over rising losses, with mining a particular worry
About 40 percent of Latin America’s fac renewals take place at 1 January and, as sources explained, progress to the upcoming contractual negotiations has been tough going.
Specialty Lines Underwriters™ – SLU, a Management General Agency is pleased to announce the opening of its business in Miami effective December 1st, 2019.
SLU will be open to write facultative risks in Latin American and the Caribbean attaching on or after December 1st, 2019 for the following lines:
• All risk property including loss of profits (Industrial and Commercial)
• Contractors all risk (CAR) stand-alone or combined with delay in start-up (DSU) and civil engineering completed risks (CECR)
• Erection all risk (EAR) stand-alone or combined with delay in start-up (DSU)
• Civil engineering completed risks (CECR)
• Contractors Plant and Equipment (CPE)
• Third-Party Liability is written in conjunction with CAR/EAR
SLU is led by Yesid Rodriguez, holding over 25 years of experience in the Latin American, Caribbean and Canadian regions spending most of his career with companies such as RSA, Marsh, TransRe, PartnerRe, and Brit. Yesid holds a BS degree in Mechanical Engineering and successfully completed the Chartered Insurance Professional (CIP) at the Insurance Institute of Canada.
