(Bloomberg) -- Allianz SE, Europe’s biggest insurer, said it expects corporate and project underwriting in Brazil to grow as much as 12 percent a year as the country invests in infrastructure and the oil industry expands.

Allianz Global Corporate & Specialty, a unit of Munich-based Allianz known as AGCS that underwrites marine, aviation and corporate risks, sees “significant” growth fueled by Brazil’s expanding infrastructure spending, Chief Executive Officer Axel Theis said in an interview from Rio de Janeiro yesterday. The company is providing reinsurance services to state-controlled Petroleo Brasileiro SA, he said.

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