Lloyd’s has received approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in Brazil. Lloyd’s announced that it had applied for the license in February (See IJ web site – https://www.insurancejournal.com/news/international/2008/02/14/87332.htm).
Going into the Brazilian reinsurance market follows the country’s legislative changes to reduce collateral requirements and open up Latin America’s largest insurance market. (See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm). A number of foreign reinsurers have expressed an interest in entering Brazil as an admitted reinsurer.
Lloyd’s has established its first Brazilian representative office in Rio de Janeiro and looks to enhance its presence elsewhere in the country over time in line with business development opportunities.
Chairman of Lloyd’s, Lord Levene, commented: “We are delighted to have been authorized as the first admitted reinsurer in Brazil and we look forward to building on our existing relationships with the IRB and the local insurance market, and to supporting the development of a reinsurance center in Rio de Janeiro.
“I am very grateful to the Governor of Rio, Sérgio Cabral and his team, Superintendent Armando Vergilio of SUSEP, João Elisio Ferraz de Campos, and José Américo Peón de Sá and Maria Elena Bidino from Fenaseg for their assistance throughout the process.”
Source: Lloyd’s – www.lloyds.com
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