Our story in Brazil
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 licence in Brazil, please access Crystal.
If you are a Lloyd’s Managing Agent or Lloyd’s Broker planning a business trip to Brazil please get in touch. Lloyd’ has a well-equipped office in Rio de Janeiro and the Lloyd’s Brazil team will be happy to assist you.
See below the contact details for Lloyd’s in Brazil.
Our solutions in Brazil
Lloyd’s is registered as an Occasional Reinsurer in Brazil. This registration enables Lloyd's underwriters to write reinsurance business on a cross-border basis only as per the provisions outlined below:
Lloyd's underwriters can write all classes of reinsurance, except for endowment life insurance and supplementary pension plans. Brazilian cedents are required to make a “preferential offer” i.e., a right of first refusal on a minimum of 40% of each reinsurance risk - to local reinsurers prior to placing the risk with an Admitted or Occasional Reinsurer (“Non-Brazilian Reinsurers").
For more information please see Crystal.
- Accident & Health
- Agriculture & Hail
- Difference in Conditions
- Directors & Officers
- Extended Warranty
- Financial Institutions
- Fine Art
- Lega Expenses
- Livestock & Bloodstock
- Medical Expenses
- Medical Malpractice
- General Liability
- Personal Accident XL
- Political Risks, Credit & Financial Guarantee
- Power Generation
- Professional Indemnity
- Term Life
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Tools and resources
The Lloyd’s team in Brazil plays an important role in the promotion and management of Lloyd’s brand as well as the regulatory and compliance requirements for Lloyd’s in the Brazil market.
Please note: The Lloyd’s Brazil offices do not underwrite, quote or issue insurance or reinsurance policies. If you have a question about your Lloyd’s policy, please contact your insurance/reinsurance broker.