Swiss Re announced that it now operates as a Local Reinsurer in Brazil under new leader Margo Black, as its Head of Reinsurance for Latin America South and President of Swiss Re Brasil Resseguros SA.
“She starts at a historic moment for the company, which last month received approval from SUSEP (Superintendence of Private Insurance) to operate in Brazil as a local reinsurer,” said the announcement. Swiss Re received final approval for its local reinsurer registration from the Brazilian regulator on June 18, 2012.
Swiss Re Brasil Resseguros SA commenced operations in Brazil with a capitalization of BRL 120.5 million ($58.5 million). Swiss Reinsurance Company Ltd of Zurich, Switzerland, is its shareholder.
As a local reinsurer, Swiss Re said it “can participate fully in the Brazilian market and service a wider spectrum of clients and risks, while being an active player in future market developments.”
Black indicated that she plans “to contribute fully to the company’s development in the region. Being part of this very important moment for the company is a great privilege, as well as a fascinating professional challenge.”
Swiss Re Brasil Resseguros S.A. will have a clear structure around three main areas: Life & Health; Property & Casualty and its Facultative business. Swiss Re said the company “expects to increase its Brazilian market share over the long term, but while market leadership is a goal, the company makes its commitment to disciplined underwriting a priority for ensuring the health and sustainable growth of Brazil’s insurance market.
“As a local reinsurer, Swiss Re expects to contribute even more to its clients’ growth by bringing its technical expertise to important infrastructure projects and innovative solutions in Personal Lines, especially in Life & Health. The company also expects to share the full spectrum of its expertise and global experience with the Brazilian market.”
Source: Swiss Re