Saundra Bailey appointed chair of CCRIF Board of Directors

The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) has appointed Saundra Bailey as chair of its Board of Directors, effective June 1, 2026, succeeding Timothy N. J. Antoine after nearly eight years in the role.

Bailey, who previously served as deputy chair of the board and currently chairs CCRIF’s Central America Management Committee, has long been associated with the organisation’s development. CCRIF said her appointment comes at a key moment as it advances its Strategic Plan 2025–2030, aimed at expanding coverage, deepening regional impact and strengthening resilience across the Caribbean and Central America.

CCRIF provides parametric insurance and disaster risk financing solutions to 39 member governments and public entities, including utilities and other state institutions.

Bailey’s connection to CCRIF dates back more than two decades to post-Hurricane Ivan recovery efforts in 2004, when Caribbean governments worked with the World Bank and partners to design faster post-disaster financing mechanisms. At the time, she served as chief operations officer of CGM Gallagher Group and contributed to early development work that shaped parametric insurance and CCRIF’s captive structure.

She has served on the CCRIF board since July 2018 and became deputy chair in January 2024. A retired insurance executive with more than 30 years of experience in insurance, captive management, risk management and corporate governance, Bailey also sits on several public and private boards across the region.

“I am honoured to serve as chair of CCRIF at this pivotal moment in its development,” Bailey said in a statement. She highlighted opportunities to expand coverage, strengthen partnerships and advance innovative risk financing tools across the region.

CCRIF said key priorities under her leadership will include expanding parametric insurance to new hazards and sectors, increasing protection for vulnerable communities, leveraging data and emerging technologies, and developing new financing partnerships to address the region’s protection gap.

Outgoing chair Timothy N. J. Antoine joined the CCRIF board in 2014 as a CARICOM-appointed director before assuming the chairmanship in 2018. During his tenure, CCRIF expanded its coverage, strengthened its financial position, broadened membership and increased its global profile in climate and disaster risk financing.

Among the milestones cited during his leadership were record payouts following major disaster events, annual risk coverage exceeding US$1.4 billion, and the development of new insurance products covering flooding, fisheries, public utilities and vulnerable households.

“It has been a privilege to serve CCRIF and its members during a period of extraordinary growth and innovation,” Antoine said, praising the organisation’s mission to provide rapid liquidity after disasters and welcoming Bailey as his successor.

CCRIF Chief Executive Officer Isaac Anthony also welcomed the appointment, calling Bailey “uniquely positioned” to guide the organisation’s next phase of growth, while thanking Antoine for his leadership.

Since its establishment in 2007, CCRIF has made 82 payouts totalling more than US$480 million within 14 days of triggering events, expanded to 39 members across the region, and developed a suite of parametric products covering multiple natural hazards and sectors.