The XL Re unit of Bermuda-based XL Capital Ltd, which announced plans in April for Brazilian operations, said it has now received regulatory approval to function there as an admitted reinsurer.
XL Re Latin America will operate full offices in both Rio de Janeiro and Sao Paulo, according to Regional Operating Officer Carlos Caputo, who will manage the reinsurance operations, XL said.
James H. Veghte, chief executive of XL Re, said the company plans to offer Brazilian primary insurers "an array of options for services and business specialties that have not existed under the prior monopolistic reinsurance structure."
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