Lloyd's opens first Brazil office.

Lloyd’s became the first admitted reinsurer in Brazil this week, following the country’s deregulation of its insurance market.

Lloyd’s has opened its first Brazilian office in Rio de Janeiro.

It plans to develop its business in the country over time.

Lloyd’s chairman Lord Levene said: “We are delighted to have been authorised 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 centre in Rio de Janeiro.