Lloyd’s opens in Brazil
Lloyd’s has opened an office in Rio de Janeiro, Brazil, a year after receiving approval to become the first foreign reinsurer in the country.
Lloyd’s Brazil will allow syndicates and managing agents to offer reinsurance in the country. It already has two syndicates with a permanent local presence – Liberty and Marlborough – with a third, Catlin, already set up in Sao Paulo.
Since the Brazilian reinsurance market opened at the beginning of 2008 premiums have risen 79% compared to 2007, up to £95 million ($195 million) from £53 million ($109 million).
Lloyd’s Brazil will allow syndicates and managing agents to offer reinsurance in the country. It already has two syndicates with a permanent local presence – Liberty and Marlborough – with a third, Catlin, already set up in Sao Paulo.
Since the Brazilian reinsurance market opened at the beginning of 2008 premiums have risen 79% compared to 2007, up to £95 million ($195 million) from £53 million ($109 million).