After the end of the state reinsurance monopoly, Brazil liberalized the reinsurance market in January 2007, with the enactment of Complementary Law no. 126/07, known as the Reinsurance Law.
The new law created three different categories of reinsurer, with different levels of market access: local, admitted and occasional.
Lloyd's was the first foreign reinsurer registered in Brazil in 2008, with a representative office in Rio de Janeiro, and Lloyd's underwriters can accept all types of reinsurance, except for endowment life insurance and supplementary pension plans.
On December 30, 2021, Lloyd's obtained authorization from SUSEP to change the category of its license for reinsurance and retrocession in Brazil, starting to operate as an occasional reinsurer.
Our choice for this change is exclusively due to the convenience of managing Brazilian regulatory requirements, which are greatly simplified for the occasional reinsurer category, without having a practical impact on the access of reinsurance cedants, retrocedants and brokers to the Lloyd's market.
Our commitment to supporting the Brazilian insurance and reinsurance market remains unchanged.
For additional information regarding Lloyd’s license in Brazil, please access Crystal
