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.

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