Strategic Finance
Lloyds expands in Brazil |
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| Strategic Finance | |
| Written by Roberta Murray | |
| Monday, 20 April 2009 | |
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Lord Levene hopes for long future in 'attractive market for insurers.'
Lloyds of London - the worlds largest insurance market - has announced it has opened up its first office in Brazil. Lloyd’s Brazil, located in Rio de Janeiro, will allow syndicates and managing agents to offer reinsurance in the country, and already has two syndicates with a permanent local presence – Liberty and Marlborough – with a third, Catlin, already established in Sao Paulo. Brazil is Latin America’s largest insurance market, representing 44% of gross written premium, and with a lack of natural catastrophes, a stable economy and vast mineral wealth, it is a very attractive market for re/insurers. In a press release Lloyds hinted that areas targeted would be Brazil's major infrastructure projects. Chairman of Lloyd’s, Lord Levene, said: “We are delighted to be opening our office today and very much look forward to a long future in Brazil, working with the Instituto de Resseguros do Brasil and other local reinsurers to share our expertise and capacity. “I’d like to thank Sergio Cabral, Governor of the State of Rio, Joaquim Levy, the Secretary of Finance for the State of Rio, and Maria Silvia Bastos, President & CEO of Icatu Hartfort for their support with our application and joining me to open Lloyd’s Brazil.”
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