The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has appointed Timothy Antoine as its new Chairman for a three-year term.
He succeeds outgoing Chairman Milo Pearson, who has retired after chairing the CCRIF Board from the company’s inception in 2007.
Antoine is currently Governor of the Eastern Caribbean Central Bank (ECCB), and previously served for 14 years as the Permanent Secretary in Grenada’s Finance Ministry.
He also spent two years as an Advisor to the Executive Director for Canada, Ireland and the Caribbean at the World Bank, where he played a significant role in the establishment of the CCRIF, and has been a CARICOM appointed member of the Facility’s Board since 2014.
Speaking at a recent CCRIF function, Antoine said: “I thank Milo Pearson, our longstanding chairman, for his sterling service to CCRIF and extend best wishes to him in his well-earned retirement.
“I look forward to working with my fellow Board members and our CEO, in this new capacity, as together we take CCRIF into its second decade and increase its impact on improving disaster risk management and building resilience in our region.”
Antoine and the CCRIF Board of Directors will now work closely with the company’s Chief Executive Officer (CEO), Isaac Anthony, on a new strategic plan for 2018-2021 that will focus on scaling up the Facility.
This focus has been given added impetus following the impact of Hurricanes Matthew, Irma, and Maria on the region, and will involve, among other initiatives, introducing new products for drought, fisheries, agriculture, and other sectors where insurance cover for natural hazards is not readily available.
During Pearson’s tenure as Chairman, CCRIF added an excess rainfall product to its original offerings of tropical cyclone and earthquake; expanded into Central America; and added three countries to its original membership of 16.
Since its inception, CCRIF has made 36 payouts totalling US$130.5 million to 13 member governments, and has maintained financial solvency even after payouts of $62 million during the 2017 Atlantic Hurricane Season.
