By Chris Munro

Feb 7 - (The Insurer) - Miami-based financial lines and liability specialist Adaptiv has strengthened its play in Brazil after agreeing a new distribution agreement with Catulus UW, while the MGA has also brought in Mariana Botello Klappenbach from AIG to lead its cyber and commercial E&O underwriting.

Adaptiv’s CUO Javier Mercado, in a LinkedIn post, noted that Brazil is the largest market for specialty lines business in Latin America.

The tie-up with Catulus, which is led by managing director Miguel Villela, will “bring expertise and innovative solutions to the local market”, Mercado said.

Based in São Paulo, Catulus writes a suite of liability products, including medical malpractice, D&O and E&O. It also helps services to support the formation of captives and other alternative insurance solutions.

Alongside the new Catulus partnership, Adaptiv has also brought on board Klappenbach.

She spent the past eight years at AIG, based in Puerto Rico, latterly as a senior underwriter.

Adaptiv is a Lloyd’s coverholder that, according to its website, writes business on behalf of Westfield Specialty, Mosaic, Faraday, Convex and Hamilton.

The MGA is a division of Popular Insurance, a general agency and authorised representative of multiple insurers in Puerto Rico, and also a reinsurance broker.

Adaptiv is led by Ramón Lloveras, the president of Popular Insurance, with Mercado overseeing underwriting as CUO.

Prior to joining Adaptiv in 2019, Mercado spent two years at Starr as senior vice president and chief operating officer for Latin America and head of liabilities in the region.

Before joining Starr in 2017, Mercado spent almost 11 years at AIG.

Popular Insurance manages over $100mn in premiums and offers a full suite of products, including property and casualty, life, disability, title, health services, and variable insurance.

Popular Insurance is a subsidiary of Popular, Inc, itself an affiliate of Banco Popular de Puerto Rico.