Lloyd’s, the world’s leading specialist insurance market, is set to expand in Brazil, announcing today it is in the process of making a formal application to be an admitted reinsurer in the country and will establish its first representative office in Rio de Janeiro.
Speaking in Rio this morning, Lloyd’s Chairman, Lord Levene, highlighted recent legislative changes by the Superintendence of Private Insurance (SUSEP), the increasing force of Brazil’s economy and the growing demand for insurance in the region, as key reasons for the application.
Lord Levene said:
“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.
"With increased investment and economic reform there is set to be a growing demand for insurance and reinsurance, so the time for opening up the reinsurance market could not be better.
"The Lloyd’s market already enjoys a strong relationship with the Brazilian economy through a partnership with the country’s leading reinsurer the IRB. We look forward to sharing our expertise and capacity and supporting the development of a reinsurance centre in Rio.
“I am grateful to the Governor of Rio, Sergio Cabral and his team, Superintendent Virgilio of SUSEP, Joao Elisio Ferraz de Campos and Jose Americo Peon de Sa from Fenaseg for their support with our application.”
Brazil
• The Brazilian insurance market is the largest in Latin America and the 15th largest in world.
• Brazilian natural resources have helped the economy record an impressive performance and strong growth. Brazil is the primary exporter of agricultural produce (coffee, soya beans, beef, chicken, orange juice and sugar), with the best water table in the world.
• Lloyd’s has a long relationship with the Brazilian market through the state reinsurer, the IRB.
• Lloyd’s premium income from Brazil in 2007 was $US105m. A substantial growth of 36% on 2006 representing a record high in Lloyd’s premiums from the country.
• Lloyd’s Brazilian premiums are dominated by three classes – marine, property and aviation
For further information, please contact:
Louise Shield
Tel: +44 (0)20 7327 5793 Fax: +44 (0)20 7327 5229 Email:
louise.shield@lloyds.com
Bart Nash
Tel: +44 (0)20 7327 6272 Fax: +44 (0)20 7327 5229 Email:
bart.nash@lloyds.com
For urgent out of hours media calls Tel: +44 (0)7659 597 825
Find out more about Lloyd's
Lloyd's is the world's leading specialist insurance market. Lloyd's underwriting capacity at 1 January 2008 is £15.95 billion which will be underwritten through 75 syndicates (including SPS and RITC syndicates), managed by 46 managing agents and supported by 176 brokers. It is the world's third largest non-life reinsurer, and is the second largest surplus lines insurer in the US.
Lloyd's is regulated by the Financial Service Authority.
