Reinsurance News
Brazil
Negative outlook placed on Brazil reinsurance market: A.M. Best
14th December 2018
Brazil’s reinsurance market has been given a negative market segment outlook by AM Best, with the rating agency citing persistent macroeconomic and political uncertainty; a declining interest rate environment, which has led to lower investment income; foreign exchange fluctuations; and evolving reinsurance market conditions. AM Best believes that, despite the negative ... Read the full article
Starr Insurance launches new aviation division in Brazil
12th December 2018
Starr Insurance Companies has announced that its Brazilian business, Starr International Brasil Seguradora S.A. (Starr Brazil), has obtained a local license to offer aviation insurance. It also revealed that Fernanda Strachino has joined Starr Brazil to head the new aviation division. Fernanda is an aviation specialist underwriter with more than 16 years’ ... Read the full article
Local Brazilian reinsurers grow foreign and domestic business at H1
12th October 2018
Local reinsurers in Brazil accepted 30% more business from offshore insurers and 5% more from Brazilian insurers over the first half of 2018, according to data from Brazilian reinsurer Terra Brasis Resseguros. From January to June of 2018, local reinsurers accepted BRL 1.38 billion (US $370 million) of premium from offshore ... Read the full article
Moody’s upgrades Brazilian insurance sector outlook to stable
9th August 2018
Moody’s Investors Service has changed its outlook for Brazilian insurers from negative to stable for the next 12-18 months in light of an improvement in underwriting disciple that it believes will drive an increase in premiums and stable profitability, despite slow economic growth. "Even though Brazil´s currently weak economic environment limits ... Read the full article
MAPFRE and Banco do Brasil update insurance business alliance
27th June 2018
Spanish insurer MAPFRE has formally updated its strategic alliance with Banco do Brasil, which originally gave rise to BB MAPFRE in 2010, now one of the largest insurance groups in Brazil. Under the terms of the updated agreement, MAPFRE will increase its control of BB MAPFRE’s Non-Life business from 50% to ... Read the full article
Swiss Re appoints new Head of Reinsurance for Brazil and the Southern Cone
5th January 2018
Global reinsurance giant Swiss Re has announced the appointment of Mathias Jungen as Head of Reinsurance for Brazil and the Southern Cone, and that he will act as President of Swiss Re Brasil Resseguros S.A., succeeding Margo Black. Jungen joined Swiss Re in 2006 and has held a number of roles ... Read the full article
Andre Lopes joins Cunningham Lindsey as Director, Brazil
14th December 2017
Cunningham Lindsey has announced that Andre Lopes will join the firm's Brazilian operations as Director from Crawford & Company, where he was Brazil Chief Executive Officer (CEO). The global loss adjuster views Brazil as a key growth area, and it currently operates across the country from offices in Rio de Janeiro ... Read the full article
A quarter of Southern Brazilian cities in state of emergency following adverse weather
2nd November 2017
In Southern Brazil one-quarter of cities are in a state of emergency after being hit by a series of droughts and excessive downpours, according to a survey by Folha based on Brazil's Ministry of National Integration. 1,296 of Southern Brazilian cities have asked the federal government for aid to deal with ... Read the full article
Continued liberalisation of Brazilian market will expand reinsurance lines: Capsicum Re
29th August 2017
Brazil's insurance industry regulator, Superintendencia de Seguros Privados (Susep), is expected to increase permitted foreign reinsurer market share in stages over the next three years, meaning certain business lines are expected to grow, but challenges and uncertainty remain in the country, according to Capsicum Re. Widespread economic and political uncertainty in ... Read the full article
IRB Brasil Re initial public offering underway
10th July 2017
The awaited initial public offering of Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now commenced, with the offering launched on Friday. IRB Brasil Re filed its official IPO prospectus with the Sao Paolo stock exchange on Friday, detailing a plan that will see some of its existing ... Read the full article
Swiss Re Corporate Solutions Brasil Seguros S.A. begins operations
3rd July 2017
A joint venture between Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, and Bradesco Seguros S.A., which was first announced in October 2016, has completed and officially started operations in Brazil. Bradesco Seguros S.A.'s commercial large-risk portfolio has now been integrated into Swiss Re Corporate Solutions Brasil ... Read the full article
IRB Brasil Re files for IPO
30th May 2017
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now registered for an initial public offering (IPO) with the Brazilian Exchange Commission (Comissão de Valores Mobiliários CVM). According to reports from three key shareholders, the applications have been filed for an initial public offering of IRB Brasil Re shares, ... Read the full article
IRB Brasil Re to pursue initial public offering (IPO)
22nd May 2017
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) is resuming the process of going public having received approval from shareholders to register for an initial public offering (IPO). The reinsurer is backed by the Brazilian government, which owns 27% of IRB Brasil Re, and a number of major financial ... Read the full article
Swiss Re Corporate Solutions Brazil appoints Calheiros as CEO
6th April 2017
Swiss Re Corporate Solutions, the commercial insurance arm of global players Swiss Re, has appointed Luciano Calheiros as CEO of its new Brazilian joint-venture operations. Luciano Calheiros will become CEO of Swiss Re's new commercial insurance joint-venture in Brazil as of 1st May 2017, succeeding Joao Nogueira, who is transitioning to ... Read the full article
Surety and health reinsurance are opportunities in Brazil: S&P
29th March 2017
Reinsurers in Brazil could find opportunities to grow in the local surety market and in health reinsurance provision, according to rating agency Standard & Poor's. With Brazilian reinsurers having found growth in other Latin American countries, as they seek diversification and expand into markets which have less in the way ... Read the full article
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