News

Bridgetown, Barbados, March 15, 2013 – The Caribbean Development Bank (CDB) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) hosted a strategic donor meeting at the offices of the CDB in Barbados on March 6, 2013 to discuss ways to support CCRIF’s new excess rainfall product and to coordinate with donors’ disaster risk management initiatives in the region.

Grand Cayman, Cayman Islands, January 15, 2013 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is pleased to announce the appointment of Mr Isaac Anthony from Saint Lucia as the Facility’s first full-time Chief Executive Officer, effective from January 1, 2013.  
 
Prior to this appointment Mr. Anthony served as Permanent Secretary, Planning and National Development in the Government of Saint Lucia. He also has served his country in key positions such as Accountant General, Registrar of Insurance, Director of Finance and Permanent Secretary, Finance. He has served as a CCRIF board member appointed by CARICOM for the past 5 years.  He brings many years’ experience as a senior finance and planning official with the Government of Saint Lucia coupled with service on the boards of key regional financial institutions such as the Caribbean Development Bank and the Eastern Caribbean Central Bank – all of which have provided a bedrock of expertise and experience to function effectively in the role of CCRIF’s CEO. Mr. Anthony is a product of the University of the West Indies, having graduated from that institution with a Bachelor of Science degree in Economics and Accounting (double major) and an MBA.
 
CCRIF’s Executive Chairman, Mr Milo Pearson states, “Mr. Anthony brings invaluable experience and insight to this new position which, in part, has been created to address both decision-making and governance issues with a focus on high-quality internal controls to enhance efficiencies and to reduce our financial risk. This is a big part of our efforts to strengthen the sustainability of the Facility as we continue to evolve into a more mature Caribbean institution.” The recruitment process for a new CEO began early in 2012 with the post being advertised both regionally and internationally.  
 
One of the first responsibilities of Mr. Anthony as he assumes office will be to meet with government agencies, including ministries of finance, across the region towards strengthening their relationship with CCRIF and to continue discussions regarding the new excess rainfall product. The CEO also will further explore how the Facility can support capacity development in the region through its technical assistance programme.   
 
The CEO will provide strategic guidance to the members of the CCRIF team, which currently is composed of the following service providers: Caribbean Risk Managers Ltd – Facility Supervisor or CCRIF’s main operational and risk manager; Sagicor Insurance Managers Ltd – Insurance Manager; London & Capital Ltd and EFG Bank, Cayman Branch – Asset Managers; Guy Carpenter & Company, LLC – Reinsurance Broker, and Sustainability Managers – Corporate Communications Manager.  
 
Mr Anthony welcomes the challenge of this new position and says, “I am very excited to be appointed the first full-time Chief Executive Officer of the CCRIF. Having actively collaborated over the years with Ministries of Finance and Planning in the region, donor agencies and other stakeholders, I look forward to working with them in building on the successes of CCRIF and in strengthening disaster risk management in the Caribbean.”
 
The CCRIF Board and Team welcome Mr.  Anthony and look forward to working with him to contribute to the sustainable development of the region.
 
About CCRIF: CCRIF is a not-for-profit risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short-term liquidity when a policy is triggered.  It is the world’s first regional fund utilising parametric insurance, giving Caribbean governments the unique opportunity to purchase earthquake and hurricane catastrophe coverage with lowest-possible pricing.  CCRIF represents a paradigm shift in the way governments treat risk, with Caribbean governments leading the way in pre-disaster planning. CCRIF was developed through funding from the Japanese Government, and was capitalised through contributions to a multi-donor Trust Fund by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.
 
For more information, please send an email to pr@ccrif.org.

Grand Cayman, Cayman Islands, November 9, 2012 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the Seismic Research Centre (SRC) of The University of the West Indies have entered into a partnership to enhance the Accelerometric Network in the Eastern Caribbean and Jamaica in order to strengthen the evaluation and mitigation of seismic risk across the region.

Grand Cayman, Cayman Islands, June 25, 2012 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is pleased to announce the retention of Sagicor Insurance Managers Ltd. (Sagicor) as insurance manager for the Facility for the next three years, commencing June 1, 2012. CCRIF was launched in June 2007 as a regional insurance fund with sixteen Caribbean countries as members and policy holders.

Grand Cayman, Cayman Islands, June 5, 2012 – As the 2012 Atlantic Hurricane Season begins, all sixteen member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have committed to renew their hurricane and earthquake insurance for the 2012-2013 policy year. Since CCRIF’s inception in 2007, these countries have incorporated catastrophe insurance into their national disaster risk management programmes by purchasing CCRIF’s parametric hurricane and earthquake coverage.