Defense Reinsurance, the first Puerto Rico-based Specialty Lines MGA, enters the Latin American & Caribbean Market

As the global reinsurance market recovers from the recent CAT losses and the current Covid-19 pandemic, many reinsurers are looking for ways to diversify their products and distribution platforms. At the same time, restructurings of world-leading reinsurers and changes in emerging market economies have fostered the regionalization of the reinsurance business. It is in this context that Defense Re was created – to provide new capacity into the Latin American and Caribbean specialty lines market, launching a range of products to satisfy a niche for the current hard market. Defense Re has bound a new binder, 100% supported through Reaseguradora Patria S.A. (Patria Re), to further bolster the lack of specialty lines capacity in the Latin American and Caribbean markets. “The Latin American and Caribbean market is an important gateway to accessing new underwriting opportunities in the specialized reinsurance industry, which has always been of interest to international reinsurers,” explains Charles Juarbe Laffitte, founder and President of Defense Re, whose professional background includes 16 years managing international markets in London, New York, and Miami. The opportunity to diversify and build in the Latin American and Caribbean market with Defense Re presents a unique strategic platform for reinsurers to create a strong business relationship in the region through an MGA that has the expertise and robust distribution platform in the market. Defense Re will link the regionalization trend and the current interest of the market to diversify its products. “We have created an underwriting platform designed specifically for the Latin American and Caribbean businesses, which is ideal to promote the necessary synergy between international reinsurers and the additional capital the region needs.” The newly placed binder, with underwriting authority as of January 1, 2021, will underwrite a wide range of products, including Errors and Omissions (E&O)/Professional Indemnity (PI), Director’s and Officer’s Liability (D&O), Bankers Blanket Bond for Financial Institutions, Commercial Crime for non-financial institutions, Fiduciary Liability and other niche placements, such as Investment Management Insurance (IMI) and Public Officials.