Not to be outdone by it French competitor (See related article), Transatlantic Reinsurance Company (TRC), a wholly-owned subsidiary of Transatlantic Holdings, Inc., has recently applied to Brazil’s regulatory authorities to act as an admitted reinsurer in the Brazilian reinsurance market.
TRC’s appointment is subject to regulatory approval. The Brazil reinsurance market is set to open to the private sector effective April 17, 2008. (See IJ web site – http://www.insurancejournal.com/news/international/2007/12/27/85928.htm).
Paulo Pereira, TRC Vice President and head of its Brazilian operations since the opening of the Rio de Janeiro office in 1999, commented: “For almost a decade, TRC has supported the Brazilian market with its representative office in Rio de Janeiro. Transatlantic’s commitment to and support of this market is expected to broaden with the opening of the reinsurance market to private competition.”
Javier Vijil, TRC’s Executive Vice President – President Latin American & Caribbean Division, added: “I am optimistic about the opportunities presented in this important marketplace. Transatlantic has demonstrated its expertise, client service and professionalism through our many years of service to the market.”
TRC’s Latin American & Caribbean Division is based in Miami with representative offices in Rio de Janeiro, Panama and Buenos Aires. AIG owns 59.3 percent of Transatlantic Holdings.
Source: Transatlantic Re – www.transre.com