New office makes Lloyd's the first admitted reinsurer in the country
Lloyd’s has opened its Brazilian office, a year after receiving approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in the country.
Lloyd’s Brazil, located in Rio de Janeiro, will allow syndicates and managing agents to offer reinsurance in the country, and already has two syndicates with a permanent local presence – Liberty and Marlborough – with a third, Catlin, already established in Sao Paulo.
Chairman of Lloyd’s, Lord Levene, said: “We are delighted to be opening our office today and very much look forward to a long future in Brazil, working with the Instituto de Resseguros do Brasil and other local reinsurers to share our expertise and capacity.
“I’d like to thank Sergio Cabral, Governor of the State of Rio, Joaquim Levy, the Secretary of Finance for the State of Rio, and Maria Silvia Bastos, President & CEO of Icatu Hartfort for their support with our application and joining me to open Lloyd’s Brazil.”
While in Brazil, Lord Levene will also host a Lloyd’s seminar at the Governor’s Palace: Challenges and Opportunities in the Reinsurance Market.
The seminar will focus on key trends and challenges in the local market, including: a Lloyd’s perspective on global and Brazilian reinsurance; accessing the global and Brazilian reinsurance markets from a syndicate’s perspective; and a keynote speech about Brazil and Rio by Governor Sergio Cabral.
Since the Brazilian reinsurance market opening at the beginning of 2008, Lloyd’s has seen a 79% rise in premiums compared to business in 2007, up to £95m from £53m.
Brazil is Latin America’s largest insurance market, representing 44% of gross written premium, and with a lack of natural catastrophes, a stable economy and vast mineral wealth, it is a very attractive market for re/insurers.