Willis Appoints CEO for Facultative Reinsurance Operations in Chile
London, August 7, 2012 – Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced the
further strengthening of its operations in Latin America with the appointment of Alejandro Vaccaro as
CEO of the company’s Chilean facultative reinsurance division.
Alejandro Vaccaro, who joined Willis from Aon Benfield on August 1, 2012, will lead Willis’ Chilean
Facultative team that was established in 2005.
The announcement follows the appointment of Antonio Tosti to the newlycreated role of Chief Executive Officer
of Willis' Latin American Reinsurance business in June this year. Tosti, currently based in Santiago,
Chile, will be relocating to Rio de Janeiro in November, while Vaccaro, will be based
in Santiago, reporting to Tosti.
Most recently Director of Aon Benfield’s Corporate Facultative Reinsurance Division, Vaccaro brings 33 years of reinsurance
experience to Willis. Beginning his reinsurance career as an underwriter, Vaccaro was working on the
Caja Reaseguradora de Chile, later to become Mapfre RE, when Chile’s reinsurance market was
opened to foreign carriers in 1980.
Commenting on the new appointment, Tosti said: "In keeping with our intention to continue to build
the strength of this important business, I am very pleased to announce this significant addition
to our Chilean operation. Alejandro is a highly experienced, accomplished and knowledgeable facultative reinsurance broker."
"This is a time of intense development and opportunity in the Chilean market, driven by current
and future investments in the country and its industry. As one of the most seismically
active countries in the world, Chile’s catastrophe exposures are considerable, and reinsurance offers risk management
solutions to help mitigate these risks. 95% of the losses following the 2010 Chilean
earthquake, which cost the industry an estimated US$8.5 billion, were covered by reinsurance companies. The
opportunities for our business, and the necessity for our clients in the region to have
access to the best possible solutions we can offer them is clear."
Jason Howard, CEO of Faber Global, Willis’ facultative reinsurance business commented: "There is huge opportunity in
the facultative reinsurance market in Chile. The country has seen enormous infrastructure growth, and particular
growth in the construction industry, which represents a key market for facultative reinsurers."
Howard went on: "Chile is the most mature insurance market in the Latin American region. Direct
written premiums in Chile are predicted to rise 30% in the next three years which
will result in significant facultative opportunities. I’m delighted to welcome Alejandro to Willis. He is
a well-regarded expert in his field, knows the local market and understands how best to
serve the needs of our clients there."
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and
delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to
corporations, public entities and institutions around the world. Willis has more than 400 offices
in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in
virtually every part of the world. Additional information on Willis may be found at www.willis.com.
# # #