XL Gets Brazil Go-Ahead for New Insurer

The XL Group plc and its subsidiaries announced that the 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.

The company, XL Seguros Brasil S.A., will be headquartered in Sao Paulo and “will offer a range of Casualty, Property, Professional and Specialty insurance products.”

XL said the company would expand its “capabilities in Brazil and complement its existing reinsurance operations.” It is expected to go into full operation during the first quarter of the year, headed by Juan Bragadin, country manager.

XL’s CEO, Mike McGavick, noted: “Brazil is at the intersection of global development, connectivity and growth. For XL, Brazil is also an essential geography to advance our dedication, through complex risk solutions, to helping make the world go. We are thrilled to expand our operations in the country. Today’s announcement is the result of dedication and hard work by our project team.”

Bruno Laval, XL’s insurance segment’s Regional Manager for Iberia & Latin America, commented: “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. Local investment programs, global attention and a diversified spread of trading partners and manufactured products, position the country for continued opportunities.”

Source: About XL Group plc