Reinsurance News
Brazil
Fairfax Brasil partners with Farmers Edge on data-driven crop insurance
15th January 2020
Fairfax Brasil, a wholly-owned subsidiary of Canada's Fairfax Financial Holdings Limited, has collaborated with digital agriculture firm, Farmers Edge, to bring bespoke, data-driven crop insurance to growers in Brazil. This landmark partnership between the two companies is expected to create new opportunities for growers to capitalise on their data with premium ... Read the full article
AM Best stays negative on Brazilian reinsurance
13th January 2020
AM Best has maintained its negative outlook for the Brazilian reinsurance industry, as market volatility and a declining interest rate environment outweigh signs of slow and steady economic growth. Brazil continues to rank as the world’s ninth-largest economy but is considered a difficult country to do business in, particularly for the ... Read the full article
Tokio Marine to expand into Brazilian mortgage & homeowners insurance market
7th January 2020
Tokio Marine Holdings, Inc. has announced the execution of a definitive agreement between its subsidiary, Tokio Marine Seguradora S.A., and Caixa Seguridade Participações S.A, an insurance holding unit of Caixa Econômica Federal, to establish a joint venture insurer to underwrite mortgage and homeowners insurance. Caixa Econômica Federal is a Brazilian state-owned ... Read the full article
Austral Re & Terra Brasis commence operations after merger
4th December 2019
Brazilian reinsurance companies Austral Re and Terra Brasis have commenced their operations as a combined entity following a merger between the two firms. The new company, whose brand is still under development, has offices in Rio de Janeiro, Sao Paulo and Bogota. Austral Re and Terra Brasis claim that the combined ... Read the full article
Brazilian reinsurers expand domestic & foreign business in 2019
28th November 2019
Brazilian reinsurer Terra Brasis Resseguros (Terra Brasis Re) has announced that the volume of reinsurance protection provided by Brazilian insurers increased by almost 13% in the first nine months of 2019, with 66% placed in the local market. The reinsurer has a focus on the Brazilian and wider Latin American marketplace, ... Read the full article
Executive team acquires Markel’s Brazilian insurance operations
2nd October 2019
Specialist insurer and reinsurer Markel International has announced the sale of Markel Seguradora do Brasil S.A., its Brazilian insurance operations, to its existing executive team. Markel Seguradora is authorised to operate in the direct insurance market in numerous classes across Brazil. The main focus of the entity is on the agricultural ... Read the full article
IRB Brasil Re continues to dominate Brazilian reinsurance market
26th September 2019
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) continues to dominate the market in its home country, controlling around 33.1% of the market share. Data from Terra Brasis Resseguros (Terra Brasis Re) broke down the rankings for reinsurers operating in Brazil for the 12 months ending June 30, 2019. Brazilian companies ... Read the full article
Allianz expands in Brazil with €667mn acquisition from SulAmérica
23rd August 2019
Global insurer Allianz has agreed to acquire automobile and other property and casualty (P&C) operations from Brazilian insurer SulAmérica in a deal valued at BRL 3 billion (€667 million). The transaction is expected to significantly expand Allianz’s presence in Brazil, making it one of the top three insurers with a market ... Read the full article
IRB Brasil Re confirms $2.3bn share offering
11th July 2019
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has confirmed that shareholders BB Seguridade Participações and the Brazilian Treasury are set to sell their stakes next week in a share offering valued at 8.5 billion reais (US $2.3 billion). The pricing of the secondary share offering is expected to occur ... Read the full article
Allianz in talks to buy P&C, auto units from Brazilian insurer Sul América
3rd July 2019
Allianz is currently in bilateral talks with Brazilian insurer Sul América S.A. regarding the potential acquisition of its property & casualty (P&C) and auto units. Sul América revealed in a recent securities filing that it had received a nonbinding offer from Allianz and was in the process of discussing a possible ... Read the full article
Portfolio mix, geographic reach to strengthen Austral Re – Terra Brasis Re
17th June 2019
The recently announced merger of the activities of Austral Re and Terra Brasis Re, is expected to result in a competitive new reinsurer, underpinned by a broader product set and improved geographical reach. An investment agreement to merge the two Brazilian reinsurers was announced last week, a union which is ... Read the full article
Brazilian reinsurers Terra Brasis Re & Austral Re to merge
14th June 2019
Reports have revealed that Brazilian reinsurance companies Terra Brasis Re and Austral Re have now agreed to a merger, which is set to create the second largest reinsurer in Brazil. Reinsurance News reported in August of last year that the two companies were in talks over a potential merger. At ... Read the full article
A.M. Best upgrades credit ratings of IRB Brasil Re
31st May 2019
Rating agency A.M. Best has upgraded the financial strength rating of Brazilian reinsurance firm IRB Brasil Resseguros S.A. to A (Excellent) from A- (Excellent), due to the company’s improved financial strength. The reinsurer’s long-term issuer credit rating was also upgraded from “a-“ to “a”, and the outlook of its credit ratings ... Read the full article
Argo hires new Brazil CEO from Swiss Re
25th April 2019
Argo Seguros, the Brazilian underwriter of specialty insurance and reinsurance products and a member of Argo Group, has announced the appointment of Newton Queiroz as Chief Executive Officer (CEO), effective May 1, 2019. Queiroz joins Argo Seguros from Swiss Re Corporate Solutions, where he most recently worked as CEO of Mexico ... Read the full article
IRB Brasil Re announces $673mn secondary share offering
15th February 2019
Brazilian reinsurance firm IRB Brasil Re has announced a secondary share offering that is expected to raise around 2.5 billion reais ($673.27 million). The company has now confirmed reports from sources at Reuters earlier this month, who said that a government fund managed by state-run bank Caixa Economica Federal was ... Read the full article
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