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