Request for Expressions of Interest: Consultant Services for Placing Broker

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is a registered legal entity domiciled in the Cayman Islands, which operates as a risk pooling facility, owned principally by Caribbean governments. CCRF SPC offers parametric insurance designed to limit the financial impact of catastrophic tropical cyclones, earthquakes and excess rainfall events on Caribbean and Central American governments by quickly providing short-term liquidity when a policy is triggered.

CCRIF invites international reinsurance broking firms to express their interest in providing Placing Broker services to CCRIF SPC.

The principal responsibilities of the Placing Broker include implementation and administration of reinsurance and other risk transfer mechanisms. The Placing Broker is responsible for obtaining the best reinsurance pricing and terms and conditions – in accordance with best reinsurance market practices – for the Facility on behalf of its constituent Segregated Portfolios. The Placing Broker will be responsible for all aspects of risk transfer to the traditional reinsurance market and/or alternative risk transfer markets. This will include, but may not be limited to:

• Supporting strategy and analytics work: model review including both catastrophe risk models and Dynamic Financial Analysis models;
• Reinsurance placement, and/or risk transfer to alternative markets according to the risk transfer strategy(ies) that have been approved by the CCRIF Board of Directors;
• Reinsurance administration including, but not limited to, premium collection and claims settlement;
• Collection of market intelligence and other market monitoring, including development, implementation and monitoring of Reinsurance Buying Guidelines/Risk Transfer guidelines for the Facility;
• and Continuous monitoring of reinsurers’ rating, such that if a reinsurer obtains a rating below minimum rating requirements, the Placing Broker will promptly replace it.

The Placing Broker must meet regulatory requirements for placing reinsurance in all of the international risk transfer markets (including traditional reinsurance and alternative/capital markets) on behalf of a Cayman-registered captive.

The Placing Broker will be a contracted position for three years. The firm will report to CCRIF’s Chief Executive Officer and will work closely with the Risk Management Specialist. The Placing Broker will be selected in accordance with the World Bank’s “Guidelines: Selection and Employment of Consultants by World Bank Borrowers” using the Quality and Cost Basis Selection process. Short-listing criteria will include Size, Reputation, Staffing, Market Access and Technical/Industry Competence.