Broker to sell reinsurance through PWS Brazil.
THB Group today announced that the financial authorities in Brazil have formally authorised the application for its wholly owned subsidiary, PWS Brasil Corretora de Resseguros, to operate as a reinsurance broker in the Brazilian market.
The authorisation was confirmed in an official journal by SUSEP (Superintendence of Private Insurance). PWS Brazil is now under SUSEP regulatory operational norms in all aspects.
THB acquired PWS Brazil as part of its purchase of some of the overseas assets of reinsurance broking specialist PWS in January this year.
Stephen Card, chief executive of THB International Holdings Limited, welcomed the authorisation, said: “PWS has been involved in the Brazilian market for over 40 years. We see this new chapter, created by the opening of the Brazilian reinsurance market and the formal recognition of the role of the reinsurance broker, as very exciting. This is excellent news for our existing clients in Brazil and for the THB Group.
“Brazil is an important economy in South America and THB is proud to play its part in providing reinsurance solutions to support businesses in their continued development and success.”
Carlito Pereira, director of PWS Brazil, added: “I am delighted that the work of my experienced team, many of whom have more than 20 years’ experience in the international market, has been recognised with this formal authorisation.
"It is the culmination of an important year for us, beginning with the new association with THB in January, which strengthens our ability to deliver outstanding reinsurance services to prestigious global clients.”
