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London-based Capsicum Reinsurance Brokers L.L.P. said Wednesday that it will bolster its international presence with the launch of Capsicum Re Latin America.
Joe Smith, former CEO of Aon Benfield Chile, was appointed as CEO of the unit. Mr. Smith joined Aon Benfield Latin America as managing director in 2003. He was appointed treaty director for Aon Benfield Chile in 2010 before taking on the chief executive role in 2013. Mr. Smith will be based in Miami.
Luiz Araripe was appointed as managing partner of Capsicum Re Latin America and CEO of CRLA Brazil. Mr. Araripe was appointed chief commercial officer for Aon Benfield Brazil in 2014 following five years as treaty director. He will be based in Rio de Janeiro.
Capsicum Re CEO Rupert Swallow said in a statement that “launching CRLA heralds a new chapter in the Capsicum Re story.”
“We have made fantastic strides in building out our offering since we established the business 30 months ago,” Mr. Swallow said, “and have received an overwhelmingly positive response since our inception, demonstrating the widespread support for our customer-centric proposition. Joe and Luiz are market-leading brokers who bring significant experience, an in-depth understanding of the region and a focus on relationships that complements our ethos.”
March came in like a lion as U.S. storm and flood damage resulted in an estimated $2 billion in insured losses, with half of the total in Texas, Aon Benfield said Wednesday.