After receiving its local reinsurer’s license from the supervisory agency for the Brazilian insurance market in December 2012, Allianz Global Corporate & Specialty AG (AGCS) will launch its new legal entity known as Allianz Global Corporate & Specialty Resseguros Brasil S.A, or “AGCS Brazil,” and will introduce two new offices in Rio de Janeiro and São Paulo.
“AGCS aims to triple its premium income from emerging markets in the next five years, and Brazil is an important cornerstone in realizing our growth strategy,” said AGCS CEO Axel Theis. AGCS Brazil’s goal is to double its 2012 premium income of currently 80 million euros by 2015 by cooperating with local primary insurers in the Brazilian market.
Brazil represents about 50 percent of the market potential to AGCS in South America, and is planned to be the hub of operations in this region. After enhancing operations in Brazil, AGCS will look to further expand across South America. Gross written premiums from South American business are expected to be more than 350 million euros in total by 2015.
“We see a strong demand for high-quality capacity backed up by strong financial strength and technical risk expertise,” said Angelo Colombo, country manager heading up the local business.
That demand is mainly driven by large infrastructure investments in railways, ports, airports, electricity and the rise of offshore drilling activities. Also, more and more Brazilian corporations are looking to compete within global markets, boosting the demand for international insurance programs.
AGCS Brazil will have its headquarters in Rio de Janeiro and another location in São Paulo. In order to successfully develop its local operation, AGCS will cooperate with local primary insurers in the Brazilian market as well as corporate brokers. Its two new local offices are ready for operations as a local reinsurer.
Drault Ernanny leads this initiative as Head of Market Management in Brazil and advances AGCS’s aim to strengthen client services in growth markets.
“Our staff is a combination of local insurance insiders and selected foreign experts with proven global experience. Applying global industry standards but also following local best practices will enable us to better serve our Brazilian clients,” said Ernanny.
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