Caribbean Catastrophe Risk Insurance Facility Appoints New Chair

GRAND CAYMAN, Cayman Islands - The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) has named Saundra Bailey as chair of its board of directors replacing the Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine after eight years in the position.

Saundra Bailey“I am honoured to serve as Chair of CCRIF at this pivotal moment in its development. Over the next five years, we have an opportunity to expand our impact, strengthen partnerships and ensure that innovative risk financing solutions continue to protect lives, livelihoods and advance development prospects across the Caribbean and Central America.

“I look forward to building on the strong foundation established by Chairman Antoine, working closely with our Board, management, staff, service providers, members and partners to advance resilience, equity and sustainable development throughout the region,”  said Mrs Baily, whom the  CCRIF said brings a unique perspective to the role, having contributed to the pioneering work that informed the development of parametric insurance in the Caribbean and ultimately led to the establishment of CCRIF.

Her appointment became effective as of June 1 this year and the CCRIF said that the retired insurance executive has more than 30 years of leadership experience in insurance, captive management, risk management and corporate governance, Mrs. Bailey has served on the CCRIF board since July 2018.

It said that as chairman, Mrs. Bailey will lead the Board in providing strategic oversight and governance as management implements CCRIF’s Strategic Plan 2025 – 2030.

Antoine joined the CCRIF board in March 2014 as a Caribbean Community (CARICOM) appointed director representing Caribbean governments.  He assumed the chairmanship in July 2018.

“It has been a privilege to serve CCRIF and its members during a period of extraordinary growth and innovation. I commend the dedicated CCRIF team, led by chief executive officer, Isaac Anthony and supported by a committed and highly effective Board of Directors. “Throughout this journey, CCRIF has remained steadfast in delivering on its mission of providing rapid liquidity following natural disasters, helping members respond quickly and recover more effectively,”  Antoine said, adding that Bailey’s deep knowledge of CCRIF, extensive governance experience and unwavering commitment to regional resilience “make her exceptionally well qualified to lead the bBoard into the future.”

The CCRIF SPC is the world’s first multi-country, multi-peril risk pool based on parametric insurance. It provides quick liquidity to Caribbean and Central American governments, utilities and public entities following natural disasters, enabling rapid response and recovery.