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.
Jamaican High Commissioner to the United Kingdom, His Excellency the Honourable Burchell Whiteman O.J. in accepting the award on behalf of the CCRIF members said: "I am pleased to accept the award for Re/Insurance Initiative of the Year on behalf of Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, the Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks and Caicos Islands --" the Caribbean governments that currently participate in the CCRIF and are leading the pack in developing insurance tools to proactively manage catastrophic risk." He continued: "The CCRIF is a reflection of the commitment its member governments have to limiting their financial exposure to the perils of hurricanes and earthquakes, using the facility to pool their risk and provide a source of immediate liquidity after a catastrophic event."
The award serves as an endorsement of the facility by some of the world's most well-regarded insurance professionals who comprised the panel of insurance experts that voted to recognize the CCRIF's unique innovations in the areas of insurance and reinsurance. The winner of the awards is the re/insurance initiative that has generated the most promising change to a significant area of business by showing innovation through a particular transaction, deal or partnership, education or development of a new market or product area by developing a new product, utilising capital markets, a capital-raising initiative or industry lobbying.
Greg Dobie, editor of The Review --" Worldwide Reinsurance, said: "CCRIF is an excellent example of how innovation, teamwork and tenacity can power the insurance industry to provide solutions to the benefit of society."
The awards have been the only ones internationally recognised by the reinsurance industry since their inception 15 years ago. Recipients are chosen from entries taken from around the world and are adjudicated by a distinguished judging panel which this year included John Berger, CEO Harbor Point Re; Peter Grove, Chief Underwriting Officer, QBE Europe; Julian James, CEO Lockton International; John Tan, CEO Asia Capital Re; Ian Dilks, Global Insurance Leader, PricewaterhouseCoopers; Geoff Bromley, Vice Chairman, Aon Re Global; and many more.
"As we continue to make strides in the reinsurance sector we are thankful for the recognition of the work Caribbean governments have put into creating the CCRIF," Isaac Anthony, Director of Finance in the Ministry of Finance, St. Lucia, and a member of the CCRIF board said. "We press ahead in the further development of the facility, buoyed by this achievement."
About the CCRIF: The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing financial liquidity when a policy is triggered.
Last year, the CCRIF paid out approximately US$1 million to Dominica and St. Lucia in the aftermath of the November 2007 earthquake that shook the Eastern Caribbean.
About the Review Worldwide Reinsurance Awards: The awards are organised by The Review --" Worldwide Reinsurance. Founded in 1869, it is the leading magazine for the international reinsurance industry.