Board Leadership Transition: Welcoming Chair Saundra Bailey & Deputy Chair Dr. Michael Gayle
CCRIF SPC appointed Mrs. Saundra Bailey as Chair of its Board of Directors, effective 1 June 2026 - placing at the helm someone whose association with the organization reaches all the way back to its founding. She succeeds Mr. Timothy N. J. Antoine, who served with distinction for nearly eight years, and is joined by newly appointed Deputy Chair Dr. Michael Gayle. The first meeting of the board and management under this new leadership was held in July.
A Chair with Foundational CCRIF Roots
Mrs. Bailey assumed the chairmanship on 1 June 2026, bringing more than 30 years of leadership in insurance, captive management, risk management, and corporate governance. Following Hurricane Ivan in 2004, when Caribbean governments worked with the World Bank and partners to design innovative post-disaster financing, she was part of the team, then as Chief Operations Officer of the CGM Gallagher Group, that helped develop the parametric insurance and captive-structure concepts that became CCRIF. A retired insurance executive, she has served on the CCRIF Board since July 2018, became Deputy Chair in January 2024, and chairs the Organization’s Central America SP Management Committee.
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“I am honoured to serve as Chair of CCRIF at this pivotal moment. Over the next five years, we have an opportunity to expand our impact, strengthen partnerships and ensure that innovative risk financing solutions continue to protect lives and livelihoods and advance development prospects across the Caribbean and Central America. - Saundra Bailey, Chair, CCRIF SPC Board of Directors |
A Seasoned Deputy Chair
Joining Mrs. Bailey is Deputy Chair Dr. Michael Gayle, a CCRIF Board member since 2019 and Chief Executive Officer of the Cayman Islands National Insurance Company (CINICO). With more than 46 years of insurance experience, Dr. Gayle also chairs the Riks Transfer & Underwriting Committee of the Board as well as the Management Committee of CWUIC SP - the Caribbean Water Utility Insurance Collective.
Honouring Outgoing Chairman, Mr. Timothy N. J. Antoine
CCRIF also celebrated the exceptional service of Mr. Timothy N. J. Antoine, who concluded nearly eight years as Chair. Reflecting on his service to CCRIF, he noted:
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“It has been a privilege to serve CCRIF and its members during a period of extraordinary growth and innovation… I am delighted that Saundra Bailey will succeed me. Her deep knowledge of CCRIF, extensive governance experience and unwavering commitment to regional resilience make her exceptionally well qualified to lead the Board into the future.”
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CEO Mr. Isaac Anthony welcomed the new Chair and thanked Mr. Antoine for his service, describing Mrs. Bailey as bringing “a powerful combination of technical expertise, governance experience and deep commitment to regional development,” whilst praising Mr. Antoine’s effective board leadership in reinforcing CCRIF’s position as a global leader in climate and disaster risk financing.
First Board Meeting Under the New Chair
The new leadership convened its first meeting on 8 July 2026, working through a full agenda of governance and operational matters. Among the items the Board approved was the organization’s updated Strategic Plan to 2030, endorsing the roadmap that will guide CCRIF’s work as the world’s leading development insurer over the coming years.
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“This first meeting under our new Board leadership signals CCRIF’s continued commitment to strong governance, innovation and regional resilience. I look forward to working with my colleagues on the Board, the management, staff, our service providers, and development partners to deliver meaningful impact for the people we serve.”
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Reflecting on the leadership he will work with in the years ahead, Mr. Anthony added that Chair Bailey and Deputy Chair Gayle bring deep technical expertise, considerable managerial experience, a shared commitment to resilience and equity, and a common focus on long-term change anchored in innovation, expanded access and financial sustainability.
