A Bermuda insurance executive has been sent to South America to build the Latin American operations of Strategic Risk Solutions.

As SRS expands its global operations, it has appointed Luis Delgado as Latin American regional director and expect to benefit from him being closer to the region.

Mr Delgado, who worked in Bermuda for a decade, was appointed vice-president of SRS Bermuda captive management operations in 2020.

Among his responsibilities was the oversight of the company’s growing Latin American client portfolio.

Now, as regional director, he has been relocated to Bogotá, Colombia.

Bermuda captive managers have spent many years developing Latin American interest in captives.

The Bermuda captive insurance market has been the host for the trilingual Latin American captive and insurance conference, Alarys, on several occasions – the only non-Latin venue for the event.

Brady Young, the CEO of SRS, believes that risk managers and C-suite executives from the region continue to have a growing interest in captive insurance as a risk management tool.

He said: “Latin America represents an important region for SRS. We believe there are significant opportunities for LatAm parent organisations to make greater use of captive insurance.

“Luis has developed a good foundation of LatAm business for SRS operating from Bermuda, as well as building on his captive management experience.

“Relocating to Colombia brings a greater local presence as we bring more support and resources to support captive insurance in the region.”

Mr Delgado added: “Over the past few years, we have seen record levels of captive formations, feasibility studies, and general interest and inquiries from prospects across LatAm, so it makes sense to be closer to where our clients and prospects are located.

“LatAm is producing strong growth in captive insurance and we will focus on developing new captive formations from the region.”