Swiss Re recognized as Admitted Reinsurer to Brazilian reinsurance market
26 May 2008, Sao Paulo
Swiss Reinsurance America Corporation and Swiss Reinsurance Company Ltd. are officially recognized as admitted reinsurers by Susep, the Brazilian insurance regulator, with the ability to sell reinsurance in the newly de-regulated Brazil marketplace.
Swiss Re's official recognition by Susep was announced in the Brazilian Official Gazette of May 26, 2008.
Beat Strebel, Head of Swiss Re's Latin America operations, said, 'Swiss Re is pleased to officially become an admitted reinsurer in Brazil. Swiss Re has a long history of involvement in Brazil with more than 50 years of business relationships and we have maintained an office in the country for 12 years. We have a strong commitment to serve our Brazilian clients with the best solutions and products. The newly opened reinsurance sector will provide a healthy, competitive insurance landscape and add to the stability of the Brazilian economy.'
As an admitted reinsurer, Swiss Re will benefit from greater flexibility and will be able to offer its wide range of reinsurance products and financial services solutions in Brazil. 'As a global expert on managing capital and risk, Swiss Re strives to add value to our clients' business by helping them manage their capital base in the most efficient way,' said Beat Strebel. 'The benefits of our world-wide experience will now also be available to the Brazilian market.'
The new regulations in Brazil allow three forms of market participation:
- Local reinsurers, as classified by Brazilian law, are incorporated in Brazil and dedicated solely to reinsurance;
- Admitted reinsurers are incorporated outside Brazil with representative offices in the country;
- Occasional reinsurers are incorporated outside Brazil without local offices.
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard, Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
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