Reinsurers fly to Rio
Global reinsurers are moving into Brazil following the deregulation of the country’s reinsurance market.
Lloyd’s application for a licence to operate as an admitted reinsurer has been approved, while Chubb subsidiary Federal Insurance and PartnerRe have also applied to open an office in Brazil.
Brazilian regulator SUSEP reportedly expects to issue 10 local, admitted and occasional reinsurance licences in addition to former monopolist IRB-Brasil Re, Lloyd’s and Munich Re, which has gained the first local licence.
Lloyd’s application for a licence to operate as an admitted reinsurer has been approved, while Chubb subsidiary Federal Insurance and PartnerRe have also applied to open an office in Brazil.
Brazilian regulator SUSEP reportedly expects to issue 10 local, admitted and occasional reinsurance licences in addition to former monopolist IRB-Brasil Re, Lloyd’s and Munich Re, which has gained the first local licence.