The New York-based Navigators Group announced that its principal insurance company subsidiary, Navigators Insurance Company, has received regulatory approval to underwrite reinsurance in the newly de-regulated Brazilian reinsurance market.
CEO Stan Galanski commented, “We are very pleased to have received this approval from SUSEP, the Brazilian reinsurance authority. This new license will support Navigators’ strategic objective of growing our Latin American book of business by enabling us to better serve the newly-opened Brazilian reinsurance market through both Navigators Insurance Company and our Lloyd’s Syndicate 1221.”
Navigators becomes the latest, but probably not the last, company to enter and/or update its presence in the Brazilian reinsurance market, following the country’s relaxation of its collateral rules [See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm]. Munich Re, Lloyd’s, Swiss Re and another of other reinsurers have also expanded their coverage in Brazil.
Navigators explained: “Current regulations in Brazil allow three forms of market participation: 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; and occasional reinsurers are incorporated outside Brazil without local offices. Navigators Insurance Company has been approved in the category of occasional reinsurer.”
Source: Navigators Group – www.navg.com
Topics Reinsurance Market
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