MS Reinsurance has divided its Americas underwriting leadership into two dedicated chief underwriting officer positions. The move separates North America from Latin America and Caribbean under distinct chiefs.
Lisa Butera (pictured) will lead National, Regional and MGA underwriting teams in the United States and Bermuda as North America CUO, effective August 1. She brings more than 30 years of experience across primary and reinsurance markets. Butera most recently served as managing director and head of FinPro and Casualty, North America, at Swiss Re's Corporate Solutions.
Lucas Castagnino has been named to the newly created CUO role for Latin America and Caribbean, also effective August 1. Castagnino joined MS Re in 2016 and previously served as head of Latin America and Caribbean. His elevation to a dedicated CUO position converts a director-level regional role into a C-suite underwriting appointment.
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Insurance penetration across Latin America remains below 5% of GDP, AM Best data shows. Insured natural catastrophe losses across Latin America totaled US$11.6 billion in 2024. The gap between insured and total losses has drawn expanded capacity from Bermuda, London, and MGA markets.
Property catastrophe excess-of-loss rates at the July 2026 renewal in Latin America fell 15% to 20%, Howden Re reported. Commission rates on proportional business rose by two to three additional points as reinsurers competed for cedent portfolios. That influx of capital has given cedents a stronger pricing position across the market.
Jörg Bruniecki, group chief underwriting officer at MS Reinsurance, described the appointments as a step in the company's underwriting leadership development. "Lisa's and Lucas's experience, leadership skills and perspectives will help us build on the momentum we have already created," Bruniecki said.
Bruniecki said the selection process drew from both internal and external candidates. He added that the appointments position MS Re to execute on its underwriting strategy and deliver value to partners across the Americas.
