Swiss Re receives Brazil licence
Swiss Re has received a licence to become an admitted reinsurer for the newly de-regulated Brazilian market from the country’s regulator.
Swiss Re’s official recognition by Susep was announced in the Brazilian Official Gazette on 26 May.
The firm joins Lloyd’s, Munich Re, Transatlantic Re and the state-owned reinsurer IRB-Brasil operating in the country’s market.
Beat Strebel, head of Swiss Re’s Latin America operations, said: “Swiss Re is pleased to officially become an admitted reinsurer in Brazil. Swiss Re has a long history of involvement in Brazil with more than 50 years of business relationships and we have maintained an office in the country for 12 years”
Strebel added: “As a global expert on managing capital and risk, Swiss Re strives to add value to our clients' business by helping them manage their capital base in the most efficient way. The benefits of our worldwide experience will now also be available to the Brazilian market.”
The recent de-regulation, coupled with Brazil’s growth prospects, has seen a rush of near-Klondike proportions from foreign reinsurers and brokers keen to trade in the market.