The XL Re unit of Bermuda-based XL Capital Ltd announced plans to serve the Brazilian reinsurance market as both a local and admitted reinsurer.
XL Re said its entry, subject to regulatory approval, comes in advance of the opening of Brazil's reinsurance market to the private sector, which is scheduled to occur April 17.
XL Re said its Brazilian reinsurance operations will be based in Rio de Janeiro with an additional office in Sao Paulo.
The operations will he headed by Carlos A. Caputo, who will manage the new reinsurance operations. He has more than 30 years in the Brazilian marketplace.
James H. Veghte, chief executive officer of XL Re, said the company has had a representative office in the country for years and it is well positioned to “be a market leader in the new environment.”
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