The Latin American Association for Reinsurance Education (LARG) is a group of mutual/cooperative insurers from Latin America. All these companies are members of the International Cooperative and Mutual Insurance Federation (ICMIF). The LARG concept was originally set up in 2004 by five ICMIF member organizations in order to purchase reinsurance collectively and the group has grown steadily since and now includes 14 member organizations.

The Annual Meeting of the Latin American Reinsurance Group (LARG) will take place next week, from 25-28 September, in Panama City (Panama) with ICMIF member company Seguros Fedpa S.A. as this year’s host.

The event will bring together a record number of 126 delegates from 13 countries and from 15 ICMIF member organizations (including ICMIF Supporting Member Willis Re). Each year this unique group of ICMIF members comes together to discuss issues such as underwriting, claims, microinsurance, actuarial models, strategic planning, catastrophe reinsurance as well as providing the opportunity to discuss reinsurance treaty renewals with their reinsurers and reinsurance broker, Willis Re. Most importantly of all, the LARG meeting is an opportunity for delegates to regularly have an opportunity to strengthen their relationships with each other and share examples of best practice through the exchange of experiences and networking.

This year’s event will be attended by key figures from the national regulatory authorities in Panama, including Joaquín Riesen, the Panamanian Superintendent of Insurance and Reinsurance, and Esilda González de Camacho, Executive Director of the Panamanian Association of Insurers.  

Vanessa Smith, Senior Vice-President at ICMIF, has had a long association with the LARG Group and said: “The LARG Annual Meeting is a key event in the ICMIF calendar given the importance of the Latin American region. According to the latest Global Mutual Market Share research from ICMIF, Latin America is the fastest growing region of the world in the mutual and cooperative sector since 2007, with a total premium growth of 150%. Moreover, 20 of the 25 fasting growing insurance cooperatives/mutuals in emerging economies are in this region. ICMIF members in Latin America represent USD 5.0 trillion in premium income, USD 7.8 trillion in assets and provide protection to 17 million insured persons.   

“The LARG business model attracts a lot of interest from many sectors of the insurance industry around the globe and particularly from other ICMIF members. It is viewed as a great example of successful collaboration between cooperative and mutual organizations in responding to the needs of their communities through the creation of innovative insurance products,” Vanessa concluded.

Amilcar Cordoba, General Manager of the host organisation, Seguros Fedpa S.A., said: “This year’s LARG meeting, promises to be a great event, full of the sharing of knowledge and experiences that will allow all participants to gain a broad and clear idea of ​​how to meeting the challenges in growing our organizations. This is at a time of ever-changing regulation and when, at the same time, we must give our customers the royal treatment and our partners demand greater assurance that their investment is well protected.

“Also, this year our company celebrates 25 years since it was founded and during this time we have grown hand in hand with our customers and shareholders, achieving an important place in the hearts and minds of Panamanians, but above all providing a service of quality and excellence,” Amilcar added.

Speaking on behalf of the LARG Board of Directors, Daysi Rosales Beltrán (pictured), LARG President and General Manager of Seguros Futuro (El Salvador) said: “This is a unique Group which demonstrates cooperation and brotherhood across borders, we are looking forward to wishing all delegates the most cordial welcome to our annual event which is organised with great effort, knowledge and heart in order to offer topics which are thought-provoking, interested and focused on the benefit of our members.

“Our special thanks to the members of LARG for trusting in the work of the LARG Board of Directors. We are committed to continue working tirelessly in favour of the consolidation and growth of the Group.

“Our thanks also to ICMIF and Seguros Fedpa for their unconditional support in the organization of the XIV Annual LARG Meeting, an event that helps enrich our knowledge and strengthens the fraternal bonds and cooperation between the members and our partner institutions,” Daysi concluded.

Information on this year’s Annual Meeting of the Latin American Reinsurance Group can be found here (in Spanish).