Former Munich Re executive joins as underwriter for Latin America after 16 years with the reinsurer in Mexico City
Mandarin Re has appointed Rafael Vargas Palomo as underwriter for Latin America as the reinsurer looks to expand its presence across the region.
Vargas (pictured) joins after 16 years with Munich Re in Mexico City, where he was most recently head of Facultative and Corporate for Latin America.
A structural engineer by training, he will lead Mandarin Re’s growth across Latin America, working with the company’s existing network of underwriting and distribution specialists.
Mikhail Grishin, board member and chief operating officer at Labuan, Malaysia-based reinsurer Mandarin Re, said: “We see enormous untapped opportunity in Latin America.
“It’s well within our mission of delivering quality risk capital in underserved areas.
“By drawing on local underwriting expertise, and with Rafael bringing his decades of experience in local facultative markets, we will deliver high-quality support to local insurers and brokers, while deploying our increasing capital against fairly priced risk,” he added.
Vargas said Mandarin Re’s technology-led approach to underwriting and portfolio management was a key attraction.
“I am excited about working with Mikhail and Mandarin Re. Their technology-fuelled approach to underwriting and portfolio management is miles ahead of what others are using, and their existing network of contacts is enviable,” he said.
“Together we will make Mandarin Re an important local market for facultative and speciality risk across Latin America,” he added.
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