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Prime Re Solutions optimizes the reinsurance program of the Peruvian market leader Rimac

Gabriel Mendoza Cardoza, Chief Reinsurance Officer of RIMAC
Gabriel Mendoza Cardoza, CRO of RIMAC

Prime Re Solutions was commissioned by the Peruvian insurance leader Rimac, to review and analyze its reinsurance programs in order to optimize their portfolio. In this interview, Gabriel Mendoza Cardoza, Chief Reinsurance Officer of RIMAC, explains how PRS has helped RIMAC to achieve their goals and what the main challenges and goals are in the future.

Your current role within Rimac is as Head of reinsurance. Could you describe your responsibilities and the main features of your job?

I am in charge of renewing all the reinsurance treaties of Rimac. This includes the Property, Life and Personal Accident lines. I also manage the facultative operations and the reinsurance current account.

What is your relationship with the other departments of the company, e.g. underwriters and actuaries?

I maintain a direct relationship with our various lines of business in order to keep a clear understanding of all our underwriting policies. I also communicate intensively with the actuarial area for the review of statistical information, claims, modeling, etc.

What are the main challenges you face? And what do you want to achieve in the coming years?

We would like to achieve more growth in our technical results for all lines of business as well as a further growth at our customer portfolio and therefore remain the leading company in the Peruvian market.

To what extent did PRS help you achieve these goals?

First, the PRS actuaries reviewed and analyzed 98% of our reinsurance programs, which allowed us to obtain a correct diagnosis of the current situation. They then proceeded to optimize our portfolio, considering a healthy balance between ceded premiums and risks. In the end, they objectively and quantitatively confirmed the intuitions of my reinsurance team, and with the PRS actuaries we were able to convince our Executive Committee of the soundness of our reinsurance strategy.

Would you consider working with PRS again and recommend them to your colleagues?

Yes, I gladly recommend PRS for any such reinsurance analysis and optimization.


Gabriel Mendoza Cardoza in brief

Current position:

Chief Reinsurance Officer, RIMAC

Previous career steps:

Regional Reinsurance Manager LATAM, Chubb Group

Marketing Reinsurance Manager Regional/Mexico, Venezuela & C&A, Swiss Re Group

Short biography

Gabriel Mendoza Cardoza holds a bachelor's degree in business administration with an MBA from EBC Mexico, as well as a diploma in Essential Leadership from Tecnológico de Monterrey. He further has more than 24 years of experience in insurance and reinsurance markets such as Mexico, Brazil and the rest of LATAM. These days, he works as the Chief Reinsurance Officer at Rimac Seguros, a leading company in the Peruvian market.

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