U.S. RE Receives Brazil License

The U.S. RE Companies have been approved by the Brazilian regulatory authorities to launch the Company’s new subsidiary, U.S. RE Do Brasil Corretora de Resseguros, LTDA, as a reinsurance broker with offices in Sao Paulo. The news comes just two days after U.S. RE announced an alliance with Italy’s Sforni [See IJ web site – https://www.insurancejournal.com/news/international/2009/10/08/104413.htm].

“U.S. RE is on the move as we create new offices in Latin America, Europe and elsewhere,” stated Chairman and CEO Tal P. Piccione. He noted the “strong presence” the company has established in Europe, the opening of an office in Turkey several years ago, its presence in Copenhagen, Denmark, and moves it has made into Africa. The Company has “done business in Japan, and we’re looking to extend our presence in Asia,” he added.

The Brazilian operation will be headed by Massimo Dominici, a prominent broker in Sao Paulo. “With recent enactment of legislation opening Brazil to foreign reinsurance brokers, we’re pleased to bring this growing market U.S. RE’s expertise and access to worldwide reinsurance,” Piccione noted.

Riccardo Nicolini, Senior Vice President of International Operations said U.S. RE Do Brasil will offer all categories of reinsurance including proportional, facultative, excess-of-loss, and catastrophe protection to insurers in Brazil.

Source: U.S. RE Corporation – www.usre.com