Dear Members, 

CCRIF SPC wishes to formally advise that Mrs. Saundra Bailey has assumed the role of Chair of the CCRIF Board of Directors effective June 1, succeeding Mr. Timothy N. J. Antoine.

Mrs. Bailey is no stranger to CCRIF - she has been a member of the Board since 2018, serving as Vice Chair, and Chair of the Central America Management Committee. She also has a foundational connection to CCRIF: following Hurricane Ivan in 2004, she was part of the team that proposed parametric insurance and the captive structure that became this facility you rely on today to financially protect your economy or utility.

With more than thirty years of experience in insurance, captive management, risk management, and governance, Mrs. Bailey is well positioned to help guide CCRIF into its next phase of growth. 

As incoming Chair, Mrs. Bailey will lead the Board in providing strategic oversight and governance as management implements CCRIF's Strategic Plan 2025–2030, which includes:

• Expanding parametric insurance products to new hazards and sectors.
• Scaling parametric insurance to reach millions of low income individuals and households.
• Exploring other trigger-based financing instruments including insurance-linked loans.
• Leveraging AI to transform Leverage artificial intelligence to enhance catastrophe risk modelling, risk assessment, and operational efficiency.
• Developing public-private partnerships combining parametric and indemnity products to close the protection gap at greater speed and scale.
• Deepening member engagement through digital platforms, including the new CCRIF App self-paced courses in disaster risk financing and parametric insurance and CCRIF's Online Library.

During Mr. Antoine’s Chairmanship, CCRIF strengthened its financial position, significantly expanded its product offerings, and ensured rapid liquidity to members – most notably through the US$91.9 million in payouts following Hurricane Melissa. His tenure also saw the successful rollout of new risk models, enhanced member engagement, and the landmark Ivan+20 initiative.

During Mr. Antoine’s Chairmanship, CCRIF strengthened its financial position, significantly expanded its product offerings, and ensured rapid liquidity to members – most notably through the US$91.9 million in payouts following Hurricane Melissa. His tenure also saw the successful rollout of new risk models, enhanced member engagement, and the landmark Ivan+20 initiative.

To mark the conclusion of Mr. Antoine’s chairmanship, CCRIF has published “A Legacy of Resilience: CCRIF Through the Chairmanship of Timothy N. J. Antoine.” This commemorative booklet charts the milestones of his eight-year tenure - including the crises navigated, the products launched, the members welcomed, and the region shaped. It includes tributes from board members, management, and partner organizations. We invite you to read it as a reflection of the strong foundation on which CCRIF continues to build. Access the publication at: https://www.ccrif.org/sites/default/files/publications/special/Special-Publication-TimothyAntoine-ChairmanCoffeeTableBook-2026.pdf

We thank Chairman Antoine for his distinguished service and warmly welcome Chair Bailey as she provides strategic direction to CCRIF in its next phase of growth and innovation.