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.

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