Levene to visit Brazil with business plan
Lloyd’s is a step closer to setting up an office in Brazil after it applied for ‘admitted reinsurer’ status in the country.
Chairman Lord Levene will visit Brazil with a business plan at the start of February as Lloyd’s looks to fulfil the international expansion goals laid out in its 2008 business plan.
Levene said: “We have been looking for some time to expand our presence in Brazil. The country is the largest insurance market in Latin America, is not exposed to great natural disasters and is an attractive market that cannot be ignored.”
At the end of December, Brazil’s National Council of Private Insurance made the decision to relax collateral requirements in a bid to encourage foreign investment, under pressure from the International Monetary Fund.
Lloyd’s would not have to post any collateral because of its financial strength ratings.
Lloyd’s announced in its 2008 business plan that it would forge ahead with initiatives in Japan, India, Brazil and the Middle East in a bid to develop the Lloyd’s brand. Its specific goal in Brazil was to develop access to market and agreed managing agent participation by the end of the third quarter.