Lloyd’s opened its office in Brazil on Thursday, April 16, a year after receiving approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in the country.
Lloyd’s Brazil, located in Rio de Janeiro, “will allow syndicates and managing agents to offer reinsurance in the country, and already has two syndicates with a permanent local presence – Liberty and Marlborough – with a third, Catlin, already established in Sao Paulo,” said the bulletin.
Lloyd’s Chairman Lord Peter Levene commented: “We are delighted to be opening our office today and very much look forward to a long future in Brazil, working with the Instituto de Resseguros do Brasil and other local reinsurers to share our expertise and capacity.
“I’d like to thank Sergio Cabral, Governor of the State of Rio, Joaquim Levy, the Secretary of Finance for the State of Rio, and Maria Silvia Bastos, President & CEO of Icatu Hartfort for their support with our application and joining me to open Lloyd’s Brazil.”
Levene will also host a Lloyd’s seminar at the Governor’s Palace: Challenges and Opportunities in the Reinsurance Market. “The seminar will focus on key trends and challenges in the local market, including: a Lloyd’s perspective on global and Brazilian reinsurance; accessing the global and Brazilian reinsurance markets from a syndicate’s perspective,” said the bulletin.
It will also feature a keynote speech about Brazil and Rio by Governor Sergio Cabral.
Lloyd’s noted that since the Brazilian reinsurance market opened at the beginning of 2008, there has been a 79 percent rise in premiums compared to business in 2007, up to £95 million ($141 million) from £53 million ($78.5 million).
“Brazil is Latin America’s largest insurance market, representing 44 percent of gross written premium, and with a lack of natural catastrophes, a stable economy and vast mineral wealth, it is a very attractive market for re/insurers,” said Lloyd’s.
“The Brazilian government has a four-year investment plan of $38 billion, with more than half of this being invested in energy projects and the rest going towards transport, logistics and urban and social programs. These large infrastructure projects require specialist engineering and insurance cover.”
Lloyd’s Brazil office – General Representative and Managing Director Marco Castro – is located at:
Avenida Almirante Barroso, 52 sala 2401
Centro – Rio de Janeiro
CEP 20031-918/RJ
Brazil
Source: Lloyd’s of London – www.lloyds.com
Topics Excess Surplus Reinsurance Market Lloyd's
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