London, England, September 4, 2008 -- The world's first and only multi-nation catastrophe risk fund, the Caribbean Catastrophe Risk Insurance Facility (CCRIF), won the Re/Insurance Initiative of the Year award at The Review Worldwide Reinsurance Awards, presented Wednesday night at The Dorchester in London. This is the first award for the 16-month old facility, cementing its reputation as a valuable and innovative form of catastrophe cover on the global stage.