Formal application for admitted reinsurer status announced today
Lloyd’s is set to expand in Brazil, announcing today it is in the process of making a formal application to be an admitted reinsurer in the country and will establish its first representative office in Rio de Janeiro.
Speaking in Rio this morning, Lloyd’s Chairman, Lord Levene, highlighted recent legislative changes by the Superintendence of Private Insurance (SUSEP), the increasing force of Brazil’s economy and the growing demand for insurance in the region, as key reasons for the application.
Lord Levene said: “Lloyd’s decision to apply for a licence in Brazil recognises the growing strength of the Brazilian economy and the opportunities this presents for the insurance industry.
“With increased investment and economic reform there is set to be a growing demand for insurance and reinsurance, so the time for opening up the reinsurance market could not be better.
“The Lloyd’s market already enjoys a strong relationship with the Brazilian economy through a partnership with the country’s leading reinsurer the IRB. We look forward to sharing our expertise and capacity and supporting the development of a reinsurance centre in Rio.
“I am grateful to the Governor of Rio, Sergio Cabral and his team, Superintendent Virgilio of SUSEP, Joao Elisio Ferraz de Campos and Jose Americo Peon de Sa from Fenaseg for their support with our application.”
