NU Online News Service, Jan. 6, 11:05 a.m.EST
|XL Group says it now has final approval from Brazilianregulators to start insurance operations in the South Americancounty.
|XL Seguros Brasil, located in Sao Paulo, is expected to beginoffering a range of casualty, property, professional and specialtyinsurance products sometime during the 2012 first quarter,according to a statement.
|In April 2008, XL Re announced it was entering the reinsurance market in Brazil as it was opened to the privatesector. The company was approved to begin operation that June.
|“Brazil is at the intersection of global development,connectivity and growth,” says Mike McGavick, chief executiveofficer of XL, in a statement. “We are thrilled to expand ouroperations in the country.”
|According to Bruno Laval, regional manager for XL's insurancesegment in Latin America, says Brazil held 42 percent of SouthAmerica's non-life insurance premiums in 2010 and forecasts predictthe country's non-life market could reach $160 billion by 2030.
|“Local investment programs, global attention and a diversifiedspread of trading partners and manufactured products position thecountry for continued opportunities.”
|Long-established domestic monopolies that barred foreign entryinto Latin American markets had been abolished, according to alate 2011 report on emerging markets from Swiss Re. LatinAmerica's premiums jumped from $45 billion in 2001 to $128 billionin 2010, according to the report.
|However, U.S. life and property and casualty insurers areurging Brazil to stop newer resolutions restricting reinsuranceaccess to only domestic reinsurers.
|Hub International entered the Latin American market late lastyear its buy of Harmonia Corretora de Seguros.
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