Navigators Group Inc., a New York-based specialty insurance holding company, announced today that its principal insurance company subsidiary has received approval to underwrite reinsurance in the newly de-regulated Brazilian reinsurance market.
Stan Galanski, chief executive officer of Navigators, said approval had been received from SUSEP, the Brazilian reinsurance authority, for a new license for Navigators Insurance Company.
He said this will support Navigators' strategic objective “of growing our Latin American book of business by enabling us to better serve the newly opened Brazilian reinsurance market through both Navigators Insurance Company and our Lloyd's Syndicate 1221.”
Current regulations in Brazil allow three forms of market participation: local reinsurers, as classified by Brazilian law, are incorporated in Brazil and dedicated solely to reinsurance; admitted reinsurers are incorporated outside Brazil with representative offices in the country; and occasional reinsurers are incorporated outside Brazil without local offices.
Navigators Insurance Company has been approved in the category of occasional reinsurer.
The Navigators Group Inc. through its various operations offers coverage that includes surplus lines, transport liabilities, cargo and marine liabilities.
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