The XL Group has received final approval from the Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados (SUSEP), to establish an insurance operation in the country. XL Seguros Brasil S.A. in Sao Paulo will offer a range of casualty, property, professional and specialty insurance products. The insurance offerings will expand XL’s capabilities in Brazil and complement its existing reinsurance operations. Expected to start operations in the first quarter of 2012, the insurance office will be led by Juan Bragadin, country manager.
“In 2010, Brazil represented 42 percent of the South America’s non-life insurance premiums, and forecasts show that Brazil’s non-life market could reach $160 billion by 2030, similar to projections for Western European economies such as Germany,” says Bruno Laval, XL’s insurance segment’s regional manager for Iberia and Latin America. “Local investment programs, global attention and a diversified spread of trading partners and manufactured products position the country for continued opportunities.”
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