After almost 70 years of state reinsurance monopoly in Brazil, the long expected liberalisation of the Brazilian reinsurance market was finally enacted in January 2007 though the ‘reinsurance law’ (Complementary Law n. 126/07).
The new law created three distinct categories of reinsurers, with different levels of market access: ‘local’, ‘admitted’ and ‘occasional’.
Lloyd´s was registered as the first 'Admitted' reinsurer in Brazil and Lloyd's underwriters can write all classes of reinsurance, except for endowment life insurance and supplementary pension plans.
Lloyd’s has established its first Brazilian representative office in Rio de Janeiro and looks to enhance its presence elsewhere in the country over time in line with business development opportunities.
The Brazilian insurance market is the largest in Latin America and the 14th largest in world.
Lloyd’s decision to apply for a licence in Brazil recognises the growing strength of the Brazilian economy and the opportunities this presents for the insurance industry.
Lloyd’s officially opened it's new office in April 2009 and today eight syndicates have local presence – Ace, Alterra, Argo, Catlin, Flagstone, Kiln, Liberty and Navigators. More syndicates are expected to join Lloyd’s Brazil soon.
Lloyd`s Escritório de Representação no Brasil Ltda. is the representative office of Lloyd's of London and is located in Rio de Janeiro at,
Avenida Almirante Barroso nº 52, Sala 2401
CEP 20031-918, Rio de Janeiro, RJ - Brazil
Phone: 55 (21) 3266-1900
Marco Antonio de Simas Castro was appointed Lloyd’s General Representative & Managing Director for Brazil in July 2008. Marco has more than 30 years of industry experience having also worked at ITAU Insurance Company, Willis Reinsurance Brazil and VARIG Brazilian Airlines.