Federal Insurance Company, a member of the Chubb Group, has applied for a license to operate as an admitted reinsurer in Brazil with a representative office in São Paulo.
Chubb Senior Vice-president Herman Weiss, Latin American zone manager for Chubb and its subsidiary, Chubb do Brasil Companhia de Seguros, commented: “This new entity will help us to further grow our business in Brazil.”
Chubb has operated as an admitted insurance company in Brazil since 1973 with headquarters in São Paulo and offices in five other Brazilian cities.
As Jimmy Durante frequently remarked, “Everybody wants to get into the act.” Chubb joins a growing list of companies looking to expand their reinsurance activities in Brazil since the government passed legislation to relax collateral requirements (See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm). They include: Lloyd’s, France’s SCOR Group, Swiss Re, Munich Re and Transatlantic Re.
“Federal’s reinsurance license will result in additional capacity for Chubb do Brasil,” noted its president Acacio Queiroz.
Source: Chubb Group – www.chubb.com
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