Rio de Janeiro, Brazil —XL Re, the global reinsurance operations of XL Capital Ltd., has received regulatory approval to serve the Brazilian insurance market as a local reinsurer incorporated in Brazil and regulated by Brazilian authorities. In June 2008, XL Re was approved to operate as an admitted reinsurer—a reinsurer incorporated and regulated outside Brazil, but with local representation.
The new local reinsurer, XL Re Brazil, will operate full offices in Rio de Janeiro and Sao Paulo, according to regional operating officer, Carlos Caputo, who will manage all XL Re operations in Brazil.
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