Rokstone enters Latin America with ex-Marsh property & marine leader
International speciality re/insurance managing general agent (MGA) Rokstone, part of the Aventum Group, has launched in Latin America, the market where it sees a “massive opportunity” to grow a sustainable portfolio with profitable loss ratios, and write in excess of $15 million GWP within the next two years.
The MGA has hired Colombian Marcos Prada as underwriting director to lead the new Latin American operation, based in Rokstone’s Miami office.
Initially writing marine directly from Miami, Rokstone expects to offer capacity in Latin America across all of its specialty lines including aviation, construction, property, liability and terrorism. The company currently underwrites $750 million GWP and is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East.
Marcos Prada joins Rokstone with 15 years’ experience of the Latin American insurance market specialising in property and marine. He joins from Cargocorp Underwriters where he was underwriting manager for the past four years. He was property & marine leader for Marsh & MacLennan in Colombia for two years where he led the implementation of the system marshcargo.com and the first Stock Throughput programmes in 2009 as placement property & marine leader.
Prior to Marsh, he was a senior risk consultant for Cargo Risk Management, handling risk management programmes for AIG Latin America operations and leading a loss ratio improvement plan across the region. He also spent four years with Allianz latterly as senior marine underwriter leading a $25 million book.
James Potter (pictured), CEO of Rokstone, said: “ Rokstone continues to break new ground. Latin America represents and exciting opportunity to grow a broad sustainable portfolio. We continue to expand the Group’s footprint to serve brokers locally and to attract world leading underwriting talent with specialist local knowledge, expertise and professional networks, that will drive sustainable long-term growth for the Group.
“Having boots firmly in the ground in the region means we can give brokers in Latin America a fast, responsive local service and unbeatable cover. We’re delighted to welcome Marcos to Rokstone and the Aventum family.”
Marcos Prada commented: “ Rokstone’s profile and stature has grown significantly around the world in recent years. I was attracted foremost by its culture and values - Rokstone is an MGA with clear ambitions and I’m excited to be joining them to lead the charge to grow its portfolio in Latin America. We’ll be establishing a responsible, sustainable portfolio across all Rokstone Specialty lines with profitable loss ratios.
“It’s a massive opportunity in a market that prefers a local approach to placing business in London. We’re already seeing demand from brokers here for the capacity and I’m confident we’ll be writing north of USD 15m GWP in two years.”
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