Our new subsidiary will allow them to maintain strict control over each of their active operations in the Southern Cone. One of the primary purposes of the presence of a representative is to continue searching and networking with underwriters and clients in South America. Ocean Re assures that this strategic decision will gradually strengthen the reinsurance business in South America.
Ocean RE, the world-renowned insurer, continues to expand its global footprint in insurance and reinsurance, expanding its presence in Latin America by acquiring a new representative based in Lima, Peru. At the end of the third quarter of 2021, Ocean RE joined the group of organizations operating under the rules of the Peruvian Insurance System, regulated by the Superintendency of Banking and Insurance (SBS).
As one of the most important steps in the company’s growth tactics, Ocean RE appoints Juan del Castillo as a local representative, giving him the title of “Head of Representation”. Del Castillo’s primary responsibility is to directly manage the company’s operations in Peru, Argentina, Uruguay, and Paraguay provide rapid and adaptable assistance to consumers in the sector, and continue to actively research subscribers across the region.
“The opening of this new office in Lima is part of what the company aims to achieve. Our job is to keep trying to find and network with underwriters and clients in all South America so that we can have an insight that will benefit the development of services with capacity of adaptability in every country” explained Juan del Castillo, Head of Representative Office in Lima.
An important part of the insurance companies in the area is dedicated to the General Risks and Life Risks lines of business, which means that the chosen location for the subsidiary will be successful. Seeking to develop mainly in three areas of great interest: Automatic contracts and optional operations of Personal Insurance, Automatic contracts and optional operations of Property & Casualty, and Automatic contracts and optional operations of Bonds and Sureties.
As per the data published in MAPFRE Economics 2020, the Peruvian region has one of the lowest insurance penetration rates in Latin America, in 2019 the insurance penetration was 1.6% of the gross domestic product (GDP), while the Latin American insurance penetration is 3.1% of the GDP. This shows that the primary insurance and reinsurance sector is still facing major challenges and several opportunities ahead of it, opening the doors for experienced and specialized organizations like Ocean RE to step in and contribute to the gradual growth of the sector.
“According to the latest figures, the Peruvian region offers enormous growth opportunities. Therefore, Peru is a fundamental territory for us, especially in the Bonds area, due to the greater benefits of the product for the surety and greater legal certainty for the business guarantee,” said Carlos Chamorro CEO and Head of Global Operations of Ocean RE.
As per the data published in MAPFRE Economics 2020, the Peruvian region has one of the lowest insurance penetration rates in Latin America, in 2019 the insurance penetration was 1.6% of the gross domestic product (GDP), while the Latin American insurance penetration is 3.1% of the GDP. This shows that the primary insurance and reinsurance sector is still facing major challenges and several opportunities ahead of it, opening the doors for experienced and specialized organizations like Ocean RE to step in and contribute to the gradual growth of the sector.
“According to the latest figures, the Peruvian region offers enormous growth opportunities. Therefore, Peru is a fundamental territory for us, especially in the Bonds area, due to the greater benefits of the product for the surety and greater legal certainty for the business guarantee,” said Carlos Chamorro CEO and Head of Global Operations of Ocean RE.
As per the data published in MAPFRE Economics 2020, the Peruvian region has one of the lowest insurance penetration rates in Latin America, in 2019 the insurance penetration was 1.6% of the gross domestic product (GDP), while the Latin American insurance penetration is 3.1% of the GDP. This shows that the primary insurance and reinsurance sector is still facing major challenges and several opportunities ahead of it, opening the doors for experienced and specialized organizations like Ocean RE to step in and contribute to the gradual growth of the sector.
“According to the latest figures, the Peruvian region offers enormous growth opportunities. Therefore, Peru is a fundamental territory for us, especially in the Bonds area, due to the greater benefits of the product for the surety and greater legal certainty for the business guarantee,” said Carlos Chamorro CEO and Head of Global Operations of Ocean RE.