AGCS expands Latin American presence
AGCS Resseguros Brasil, the Brazilian entity of insurer Allianz Global Corporate & Specialty, has expanded its Latin American presence after receiving authorisation to reinsure risks in Chile and Colombia.
By becoming a reinsurance provider for the Chilean and Colombian markets, AGCS is further developing its activities in Latin America led by regional chief executive officer Angelo Colombo based in Brazil, the company’s Latin American hub.
As part of AGCS’s strategy to expand its global footprint and offer clients around the globe easy access to its worldwide network, AGCS Re Brazil set an ambitious growth target of 15 percent for Latin America in 2014.
In Chile, AGCS Re Brazil now carries the required two financial strength ratings to do business in the country. In addition to its local AAA Standard & Poor’s rating, AGCS Re Brazil was recently assigned an A rating by AM Best.
In Colombia, AGCS Re Brazil is officially registered on REACOEX and has been granted approval by the Colombian regulator to reinsure risks in the market.
“Considering the growth potential of the South American market it is a significant move for AGCS Re Brazil to now be able to reinsure risks in Chile and Colombia. We are very optimistic that this is only the first step in our future development in the region,” said Art Moossmann, chief regions & markets officer and member of the board of management of AGCS.
