Lloyd’s was the first reinsurer authorised to operate in Brazil after the opening of the reinsurance market in April 2008, and Lloyd's underwriters can write all classes of reinsurance, except for endowment life insurance and supplementary pension plans.
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 through 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 is licensed by SUSEP (the Brazilian regulatory authority) as an Admitted Reinsurer with a representative office in Rio de Janeiro and covering all the managing agents.
An Admitted Reinsurer status means a foreign reinsurer making business with Brazilian companies (Brazilian Insurance Companies or Local Reinsurers).
For additional information regarding Lloyd’s performance in Brazil, please access: Lloyd's Brazil Market Presentation
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