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Bailey, who up until recently served as Deputy Chair of the Board and currently chairs the CCRIF’s Central America Management Committee, succeeds Mr. Timothy N. J. Antoine, after nearly eight years of distinguished service as Chair. 

 Bailey brings a unique perspective to the role, having contributed to the pioneering work that informed the development of parametric insurance in the Caribbean and ultimately led to the establishment of CCRIF. Today, CCRIF serves 39 members across the Caribbean and Central America, including governments, water utilities, electric utilities and other public entities, providing innovative financial protection against natural hazards and climate-related risks.

Her appointment comes at an important juncture as CCRIF advances the implementation of its Strategic Plan 2025–2030, an ambitious roadmap designed to expand coverage, deepen impact and strengthen resilience across the region.

A Distinguished Career in Insurance and Governance

 Bailey’s association with CCRIF dates back more than two decades. Following Hurricane Ivan in 2004, Caribbean governments worked with the World Bank and other partners to identify innovative solutions for rapid post-disaster financing. At the time, Mrs. Bailey served as Chief Operations Officer of CGM Gallagher Group and was part of the team that helped develop the concepts of parametric insurance and the captive insurance structure that ultimately became CCRIF. She also had joint oversight of CaribRM, CCRIF’s first Facility Supervisor and a former subsidiary of the CGM Gallagher Group.

A retired insurance executive with more than 30 years of leadership experience in insurance, captive management, risk management and corporate governance, Mrs. Bailey has served on the CCRIF Board since July 2018 and became Deputy Chair in January 2024. She currently serves on several public and private sector boards throughout the Caribbean and is widely respected for her strategic insight, governance expertise and commitment to regional development.

In accepting the appointment,  Bailey stated: “I am honoured to serve as Chair of CCRIF at this pivotal moment in its development. Over the next five years, we have an opportunity to expand our impact, strengthen partnerships and ensure that innovative risk financing solutions continue to protect lives, livelihoods and advance development prospects across the Caribbean and Central America. I look forward to building on the strong foundation established by Chairman Antoine, working closely with our Board, management, staff, service providers, members and partners to advance resilience, equity and sustainable development throughout the region.”

As Chair,  Bailey will lead the Board in providing strategic oversight and governance as management implements CCRIF’s Strategic Plan 2025 – 2030. Key priorities include expanding parametric insurance solutions for new hazards and sectors, increasing protection for vulnerable households and communities, leveraging data and emerging technologies to strengthen resilience, and developing innovative financing solutions and partnerships to help close the region’s protection gap.

Honouring the Leadership of Timothy N. J. Antoine

Antoine joined the CCRIF Board in March 2014 as a CARICOM-appointed Director representing Caribbean governments and assumed the Chairmanship in July 2018.

During his nearly eight years as Chair,  Antoine oversaw a period of significant growth, innovation and institutional strengthening. Under his leadership, CCRIF expanded its coverage, strengthened its financial resilience, broadened its membership and reinforced its position as a globally recognized innovator in climate and disaster risk financing.

Among the achievements during his tenure were:

• Record payouts to members following major disaster events, including the largest payout to a single member country in CCRIF’s history.
• Expansion of CCRIF’s annual risk coverage to more than US$1.4 billion.
• Continued enhancement of CCRIF’s proprietary parametric models and the introduction of new products for public utilities, the fisheries sector, flooding events and vulnerable households.
• Strengthened engagement with regional and international stakeholders in advancing climate resilience and disaster risk financing solutions.
• Sustained financial strength and prudent risk management, maintaining CCRIF’s capacity to meet its obligations to members even in the face of increasingly severe climate-related events.

Reflecting on his tenure,  Antoine stated, “It has been a privilege to serve CCRIF and its members during a period of extraordinary growth and innovation. I commend the dedicated CCRIF team, led by CEO Isaac Anthony and supported by a committed and highly effective Board of Directors. Throughout this journey, CCRIF has remained steadfast in delivering on its mission of providing rapid liquidity following natural disasters, helping members respond quickly and recover more effectively. I am delighted that Saundra Bailey will succeed me. Her deep knowledge of CCRIF, extensive governance experience and unwavering commitment to regional resilience make her exceptionally well qualified to lead the Board into the future.”

CEO Welcomes New Chair

CCRIF Chief Executive Officer Mr. Isaac Anthony welcomed Mrs. Bailey’s appointment and expressed appreciation for Antoine’s service.

“Saundra Bailey brings a powerful combination of technical expertise, governance experience and deep commitment to regional development. Having contributed to CCRIF’s creation and served with distinction on its Board, she is uniquely positioned to guide the organisation through its next phase of growth and innovation.”

“I also extend my profound gratitude to Timothy Antoine for his visionary leadership and dedicated service. Under his chairmanship, CCRIF expanded its reach and impact, strengthened its financial resilience, advanced innovation and reinforced its position as a global leader in climate and disaster risk financing. We look forward to building on that strong foundation as we continue to innovate, close the protection gap and support resilient, secure and sustainable futures for the people of the Caribbean and Central America.”

CCRIF’s Impact at a Glance

Since its establishment in 2007, CCRIF has:

• Made 82 payouts totalling more than US$480 million to governments and public utilities, all within 14 days of the triggering event.
• Expanded its membership to 39 entities across the Caribbean and Central America.
• Provided more than US$1.4 billion in annual coverage.
• Expanded from two original insurance products to a diverse suite of parametric solutions covering tropical cyclones, earthquakes, excess rainfall, fluvial flooding, fisheries and public utilities, as well as microinsurance products for vulnerable households.
• Supported regional resilience through scholarships, internships, technical assistance and small grant programmes.
• Established itself as a global pioneer in the use of parametric insurance and risk pooling as climate resilience and disaster risk financing tools