La Equidad Seguros to host the Annual Meeting of the Latin American Association for Reinsurance Education (LARG) in Colombia

Mercredi, 11 September 2019

The Latin American Association for Reinsurance Education (also known as the LARG Group) 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 17-20 September, in Medellín (Colombia) with ICMIF member company La Equidad Seguros O.C. as this year’s host.

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 a key figure from the national regulatory authorities in Colombia, Dr. Christian Henry Mora Aponte, the Deputy Superintendent from the Colombian Financial Superintendents Office.

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, the Latin American mutual/cooperative insurance sector doubled in size between 2007 and 2017 and reported faster growth (+113%) than the rest of the market (+88%) in that time. Latin American mutual/cooperatives recorded a growth in market share between 2007 and 2017, rising from 9.9% to 11.2%.

“Moreover, there are 11 Latin American companies appear in the 500 largest mutual/cooperative insurers globally according to the latest ICMIF Global 500 report of which two are members of the LARG Group: Cooperativa de Seguros Múltiples (Puerto Rico) and Equidad Seguros O.C. (Colombia), the host of this year’s meeting.

“Of the 30 fastest-growing mutual insurers in 2017 which are mentioned in the ICMIF Global 500 report, seven organisations are based in Latin America.

“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.

Néstor Raúl Hernández Ospina, Executive Chairman of this year’s host organisation, Equidad Seguros O.C., said:

"For Equidad Seguros, a cooperative insurer with a strong social commitment it is an honour to be the host of the XV Annual LARG Meeting in Medellín – Colombia, our country which opens its doors to receive our visitors with warmth and joy.

"We are aware of the importance of these events that allow international cooperation and help us strengthen successful reinsurance practices, as well as learning about the market trends of the insurance industry in the Americas.

"Equidad Seguros is a 100% Colombian organization and leader in the insurance sector, whose owners are more than one thousand associated entities including cooperatives, employee funds and mutual associations. The organisation welcomes this year’s LARG meeting; thank you for choosing us as co-sponsors of this event, we are very pleased to be able to give our visitors the best experience in Medellín, the city of eternal spring, recognized for its innovation and entrepreneurship, a perfect setting to enjoy the beauty of the capital these days, under the theme of the XV LARG Meeting “Technology and its impact on competitiveness in the insurance market”.

"We are celebrating 49 years of providing insurance services to all Colombians and we continue working towards our anniversary of five decades of history for Equidad Seguros in 2020. For this reason, we are proud to be the hosts of this important meeting."

Speaking on behalf of the LARG Board of Directors, Daysi Rosales Beltrán, LARG President and General Manager of Seguros Futuro (El Salvador) said:

"We would like to welcome all members to the XV Annual LARG Meeting and we commemorate 15 years since the Group come together. The Group is legally constituted in San José, Costa Rica as the Latin American Association for Reinsurance Education. We extend a warm welcome to all members, to the institutions that give us their support, to our reinsurers and intermediaries, and other invited entities. We thank them for their support and trust and for their presence in our annual event.

"In 2004, the group was created with the support of (then) AACMIS, currently the International Federation of Cooperatives and Mutual Insurance of the Americas - ICMIF / Americas. Due to the complex nature of the reinsurance market and the low volume of premiums of some companies, it was no longer feasible to negotiate reinsurance contracts individually. This situation led to the joint management of a group of cooperative and mutual insurers to obtain reinsurance coverage, which has resulted in being a unique model of integration, putting collective interests before individuals and enforcing the principle of cooperation between cooperatives.

"This event would not be possible if we could not count on the unconditional support of the host, which this year is Equidad Seguros O.C. of ​​Colombia, in the city of Medellin, the city of eternal spring. Our sincere thanks for all the support provided to guarantee the success of the meeting.

"We also wish to express our thanks to ICMIF for the invaluable technical and logistical support that it has provided us with since our inception.

"Finally, we thank our members for their trust, we are satisfied with the management carried out by the LARG Board of Directors and the Executive Directorate, guaranteeing the fulfilment of the Association's objectives and we are always ready to contribute to its development. Being part of the history of the LARG Group makes us proud and leading it is an honour, because we are convinced that 'Working together we make a difference'”.

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