Swiss Reinsurance America Corporation and Swiss Reinsurance Company Ltd have officially been recognized as admitted reinsurers by Susep, the Brazilian insurance regulator, with the ability to sell reinsurance in the newly de-regulated Brazil marketplace, it was announced last week.
Swiss Re’s official recognition by Susep was announced in the Brazilian Official Gazette of 26th May, 2008.
Beat Strebel, Head of Swiss Re’s Latin America operations, commented that:
"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. We have a strong commitment to serve our Brazilian clients with the best solutions and products."
"The newly opened reinsurance sector will provide a healthy, competitive insurance landscape and add to the stability of the Brazilian economy."
As an admitted reinsurer, Swiss Re will benefit from greater flexibility, and will be able to offer its wide range of reinsurance products and financial services solutions in Brazil.
The new regulations in Brazil allow three forms of market participation:
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