Max Capital Group Establishes Reinsurance Operation in Latin America, Appoints Management Team
December 2, 2009
HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 2, 2009-- Max Capital Group Ltd. (NASDAQ:MXGL; BSX:MXGL BH) today announced the establishment of a Latin American reinsurance operation and the appointment of two senior managers for the region. Carlos Caputo will serve as Chief Executive Officer of Max’s Latin American business, while Sonia Galvis will serve as Chief Underwriting Officer.
W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max Capital Group Ltd., commented: "The addition of a Latin American reinsurance platform represents an important step in the development of Max’s global franchise. Latin America is an exciting reinsurance market with huge growth potential. The region, in particular Brazil, is emerging fast from the global economic crisis, with significant GDP growth predicted in 2010, and Brazilian reinsurance premiums are projected to increase by 20% per annum through 2011. We expect this to be an important market for Max. In addition to Brazil, we see excellent opportunities emerging throughout Central America and in rapidly developing markets such as Colombia, Ecuador, Panama, Peru, Chile and Argentina. Carlos and Sonia are accomplished and well-connected professionals. With their proven track records and strong regional expertise, we believe they will succeed in building a profitable book of Latin American business for us.”
Carlos Caputo has 36 years of underwriting and management experience in Latin America and, in particular, Brazil. Most recently he served as Regional Director and Operating Officer for XL Re Latin America Ltd. Carlos was previously deputy chairman of Aon Group Ltd. Brazil and has held senior management positions with Alexander & Alexander Brazil and Cisema. Carlos graduated from the program for Business Development at Harvard Business School and from Belgrano University in Argentina with a degree in Economic Sciences.
Sonia Galvis has 30 years of insurance and reinsurance underwriting and management experience, most recently as the Regional Director and Underwriting Officer of the Northern Region for XL Re Latin America Ltd. Previously, Sonia served as CEO of Seguros Alfa and Seguros de Vida Alpha. She has also held various senior management positions at Seguros Colmena Colombia, now Liberty Colombia. Sonia graduated with a J.D. in insurance law from the Universidad Javeriana Bogota, Colombia, and also received an Executive MBA from Inalde, sponsored by the Harvard Business School.
Max’s Latin American operation is committed to servicing these markets locally and will open offices in Rio de Janeiro, Brazil, where it intends to act as an admitted reinsurer operating through Lloyd’s Brazilian representative office, and in Bogotá, Colombia. Lines of business initially offered include Property, Property Catastrophe, Aviation, Casualty, Marine and Surety.
Additional information concerning Max’s Latin American business is available on the company’s website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maxcapgroup.com&esheet=6112342&lan=en_US&anchor=www.maxcapgroup.com&index=1&md5=38aeaba5b013cf0ed305868c07cef0a6.
Operating from offices in Bermuda, Ireland, the USA and at Lloyd's, Max Capital Group Ltd. is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This release includes statements about future economic performance, finances, expectations, plans and prospects of Max Capital Group Ltd. that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting future results, please refer to Max Capital’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and other documents filed by Max Capital with the SEC. Max Capital undertakes no obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.
Source: Max Capital Group Ltd.
Max Capital Group Ltd.
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