Trent Williams: We come from a varied background. You've joined us from from both broking and underwriting backgrounds. So I know you're only relatively new into the Ro role, Claudio, but, how are you seeing the market in general and your, your part of the world at the moment for construction?
Claudio Pazo : Well, I perceive for Latin America a stable moment, in terms of capacity and appetite. But it's most, focus, on the infrastructure and then on the renewable energy approach. It's mostly out there, maybe best production. So hydro, power projects. We are looking at some very interesting prospects in the region. We perceive, appetite for most of the key insurers and reinsurers within the region.
Trent Williams: And sort of historically, we've done a right tracker and looked at the right, link to each product, quarter by quarter. And I know that's difficult in a region like Latam where you're looking at project by project, but if you sort of go back six, maybe even 12 months ago on, on a sort of per project basis, are you seeing right coming off in, in, in sort of first party and third party lines, are you saying right in your part of the world.
Claudio Pazo: We, we, we see more broached by Brazil. We are not used to. Right. Maybe, a contractor open government policy for, for Latin America. We don't see, and third party is separate from the the typical unit for your served three, three wordings. The typical wordings. So, we, we continue to see broken by broken opportunities in the region.
Trent Williams: So if a, if a similar style of project, was, was going to market 12 months ago that's going to market right now, right, right. Coming off from where it was that competition for risk from from carriers is, is is heating up.
Claudio Pazo: Yes. It's quite similar. Yes. I don't see a huge change in that field.
Trent Williams : And you've got such a broad group of countries within your Latam region. Is there any specific countries that, sort of really, burgeoning as far as project project infrastructure spend is going.
Claudio Pazo : With where we see, we see it with, you know, Latin America, we're us with some different issues like political issues or economic or maybe different ones. But in general terms, the opportunity are there, and that we perceive Chile, Mexico and Brazil as the most important countries or most challenging countries for us in terms of, investment, they are maybe Mexico, Brazil, the the key drivers in the region, the economies are huge in our regions and we perceive a lot of opportunity there despite the different in, issues there locally. But we we are dealing with.
Trent Williams : You going project by project. I guess you touched on coverage a little bit earlier. You're saying cover starting to return. Obviously, the hard market, a lot of the cover for construction clients, both owners, developers and project sponsors came back and was restricted in somewhat. Is saying cover starting to return as you as you go project by project.
Claudio Pazo: We are seeing, not a soft market as we see in other light of businesses, but we start to perceive, some signal of soft market like some places of extensions that we saw in the past. We are very close to, to, to, to monitor them. We because we, we need to be very active. We are active in the market, and they were very close to both insurers and great insurers as business partners. Yeah. So we are monitor them to see how these are the next steps on that on that field.
Trent Williams : Crystal ball is is a is a tricky word. You look at the Thailand Q4 and into Q1 next year. How do you see the market in Latam starting to I guess has it hit a bottom? Do you see further bottoming out in the early part of next year? Do you think there's more rate reduction or or more favourable conditions for clients to come? How do you see it playing out? End of the you?
Claudio Pazo : Well, I perceive, something very specific regarding maybe a cat country exposure, where earthquake is, huge issue there. Not, not as the production, but the insurance that most of the insurers are more focused. And reviewing case by case, the appetite, their appetite, are focused mainly on the maybe up there and the strategies and guidelines, what they perceive at risk that falls into the strategy guidelines. They are they they go straight. They are very competitive in terms of, deductibles. And, and rates. But it's not, I perceive a stable market that for sure.
Trent Williams : And with stability, we we're always looking at how we can separate what Willis takes to market from the rest of the pack. How do we differentiate if some bad placement advice for our brokers working with clients and project sponsors, how would you suggest we differentiate our risk going to market?
Claudio Pazo : We. Well, I am fully committed to, to to have this the very have a very technical team within the region. We, we know we can discuss with a client's insurers and insurers and, and give, all our, them and, and background to, to support them to, to give them some help regarding coverage and maybe dealing with some key, underwriting issues or maybe engineering, issues. So we, we know we have a strong team. We I am also working country by country supporting them, trying to to put on the same page to be the most technical broker and the most of them. Yes. I, I want to to put Willie as the most technical broker in the region regarding construction. And we are in that, and we are working in that field.
Trent Williams: Yeah. Fantastic. Great to hear. But, Claudio, we're very lucky to have you. We're thrilled that you're with the Willis team. And we'll check back in with you in the early part of 26 to get some more insights into how you're seeing the market for the rest of 26. So, thank you for your insights today. And thank you for your time.
Claudio Pazo: Thank you. Thank you, Trent, very glad to be with you and have you excited over the 26 challenging year. Thank you. Thank you.
