© MiCRO 2011 - All Rights Reserved
MiCRO has a broad set of founding stakeholders...
Micro insurance Catastrophe Risk Organisation SCC
c/o Marsh Management Services (Barbados) Ltd
2nd Floor, Bldg 1, Chelston Park
St Michael, BB11000
MiCRO has a broad set of founding stakeholders and is committed to bringing new clients and partners into the organisation to
drive growth and ensure transparency. Initial development and capital funding has been provided by international
development partners led by the UK’s Department for International Development and the Swiss Agency for Development and
Cooperation. The Caribbean Development Bank is providing administrative and financial support.
Founding investors are Fonkoze, a large Haitian microfinance institution, and Mercy Corps, a global development Non-Profit
organisation. Technical support has been provided through expert input from Caribbean Risk Managers, a specialist
catastrophe risk management company, Swiss Re, a leading global reinsurance company and Guy Carpenter, the leading global
reinsurance broker. Further information on these founding stakeholders is provided below.
International Development Partners
UK Department for International Development (DFID)
DFID is the part of the UK government that manages Britain’s aid to poor countries and works to get rid of extreme poverty.
We are working to reach the Millennium Development Goals (MDGs), the international targets agreed by the United Nations
(UN) to halve world poverty by 2015. We work with governments of developing countries as well as charities, businesses and
international bodies, including the World Bank, UN agencies and the European Commission. In 2008/09 we provided UK £5.5
billion of aid to poorer countries. By 2013, the equivalent of 0.7% of the UK's gross national income will be dedicated to
development assistance. After the January 2010 Haiti earthquake, the UK government gave £20 million in emergency support
which included a 64 person emergency search and rescue team and funding to directly help more than 380,000 people get
access to food, clean water and medical care. Support to MiCRO and Fonkoze comes from DFID’s additional £2m commitment
to reduce Haiti’s vulnerability to future natural disasters. DFID’s web-site is www.dfid.gov.uk.
Swiss Agency for Development and Cooperation (SDC)
SDC is Switzerland’s international cooperation agency within the Federal Department of Foreign Affairs (FDFA). In operating
with other federal offices concerned, SDC is responsible for the overall coordination of development activities and cooperation
with Eastern Europe, as well as for the humanitarian aid delivered by the Swiss Confederation. The goal of development
cooperation is that of reducing poverty. It is meant to foster economic self-reliance and state autonomy, to contribute to the
improvement of production conditions, to help in finding solutions to environmental problems, and to provide better access to
education and basic healthcare services. SDC’s website is www.sdc.admin.ch.
Caribbean Development Bank (CDB)
The CDB is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston,
Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the
harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation
and integration among them, having special and urgent regard to the needs of the less developed members of the region.
CDB’s website is www.caribank.org.
Founding Non-Profit Investors
Fonkoze is Haiti’s largest microfinance institution (MFI), with 46 branches serving over 55,000 borrowers and more than
250,000 savers in every region of Haiti. Fonkoze is one of the best known MFIs worldwide for its innovative approaches to
reaching the poorest and helping them take the first steps out of poverty. Fonkoze’s website is www.fonkoze.org.
Mercy Corps helps people turn the crises they confront into the opportunities they deserve. Driven by local needs, our programs
provide communities in the world’s toughest places with the tools and support they need to transform their own lives. Our
worldwide team in 41 countries is improving the lives of 19 million people. Mercy Corps’ website is www.mercycorps.org.
Caribbean Risk Managers Ltd (CaribRM)
CaribRM, a member of the CGM Gallagher Group, provides bespoke risk management solutions to public- and private-sector
clients throughout the Caribbean Basin and beyond. It specialises in developing index-based solutions for natural catastrophe
risk, working with both clients and re/insurance markets to find cost-efficient solutions to deliver protection from the negative
impacts of natural disasters. CaribRM’s website is www.caribrm.com.
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 20 countries.
Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise
and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life
and health business are complemented by insurance-based corporate finance solutions and supplementary services for
comprehensive risk management. Swiss Re is rated “A+“ by Standard & Poor’s, “A1” by Moody’s and “A” by A.M. Best. Swiss Re’s
website is www.swissre.com.
Guy Carpenter & Company, LLC is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan
Companies. With over 50 offices worldwide, Guy Carpenter creates and executes innovative reinsurance and alternative risk
management solutions for clients across the globe. The firm’s full breadth of services includes line of business expertise in,
among other things: Agriculture; Life, Accident and Health; Political Risk and Trade Credit; Property; Catastrophe and Micro
insurance. In addition, GC Analytics utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance
decision-making process and help make the firm’s clients more successful. Guy Carpenter’s website address is www.guycarp.com.