Swiss Re announced that it will become an admitted reinsurer in Brazil with a representative office in São Paulo. The world’s largest reinsurer joins Lloyd’s and Munich Re in accessing the Brazilian market following regulatory changes that did away with foreign reinsurers’ collateral requirements (See IJ web site – https://www.insurancejournal.com/news/international/2008/01/03/86041.htm).
Beat Strebel, Swiss Re’s Head of Latin America, said the Group welcomed the opening of the Brazilian reinsurance market. He also noted that Swiss Re has done business in the country for more than 50 years and has maintained an office their for thel ast 12 years.
As an admitted reinsurer, Swiss Re will benefit from greater flexibility and will be able to offer a wider range of reinsurance products and financial services solutions in Brazil. “As a global expert on managing capital and risk, Swiss Re strives to add value to our clients’ business by helping them manage their capital base in the most efficient way,” Strebel added.
Last December the Brazilian finance ministry published new reinsurance regulations and announced that the market will open in mid-April 2008. Swiss Re described the new regulations, which allow three forms of market participation, as follows:
— Local reinsurers, as classified by Brazilian law, are incorporated in Brazil and dedicated solely to reinsurance;
— Admitted reinsurers are incorporated outside Brazil with representative offices in the country;
— Occasional reinsurers are incorporated outside Brazil without local offices.
Source: Swiss Re – www.swissre.com
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