A&H / affinity report
A&H / Affinity Regional Manager - LATAM
During 2014 Barents developed important affinity A&H and other Personal Lines programs throughout the region. Bringing in additional annualized premium of around US$1.2 m with two digit growth projections for the next 3-5 years. Traditional A&H business is not very common in the reinsurance market as it is mostly retained by the local carriers, however Barents was able to establish an important presence in the market in the A&H Special Risks Segments and Affinity Programs. Our reinsurance presence is growing in these two areas mainly due to the lack of expertise by the local insurance carriers and the new aggregate exposures many countries are facing like acts of terrorism, increased natural disasters and other health-related new risks. Barents Re has taken the lead amongst Global Reinsurers in providing capacity and know-how in these two areas.
One of the more robust programs developed during 2014 was with Group BI, a leading Financial Institution in Central America, where Barents helped developed from the ground-up a Cancer and Critical Illnesses program targeted to more than 2 million credit card holders of the Bank. Among other affinity programs developed throughout the Region were Universities, Sport Clubs and Retail Stores.
Teaming up with local insurance companies was key during 2014 as these local carriers have come to play an important role in the Affinity market in the past 5 years by filling up voids with medium-size financial institutions and other Groups that have been unattended in the past. Barents Re offers turnkey solutions to these sponsors (affinity group owners) that include customized product design, training pre and post implementation and technology platforms for in-house management of these programs.
We continued our steady pace during 2014 and 2015 to reach levels of New Total Annualized Premium in the range of $2 million. This has been possible by the strategic targeting of new affinity and special segments.