Allianz Global Corporate & Specialty (AGCS) has launched a new entity that will operate as a local reinsurer in Brazil. Allianz Global Corporate & Specialty Resseguros Brasil (AGCS Brazil) will be headed up by Angelo Colombo and have offices in Rio de Janeiro and São Paulo.
The move follows the firm receiving a local reinsurance licence from the Superintendência de Seguros Privados (SUSEP), the supervisory agency for the Brazilian insurance market. AGCS Brazil has also received an A- rating from Standard & Poor’s.
Brazil will now become the cornerstone of the company’s strategy in the region. On the back of its new reinsurance offering, AGCS Brazil aims to double its 2012 premium income of €80 million by 2015. AGCS estimates that Brazil will represent some 50 percent of its total business in South America and, as it expands across the continent, it hopes to reach premium income of €350 million by 2015.
Colombo, the chief executive of AGCS Brazil, said there is strong demand for highly-rated quality reinsurance capacity in Brazil, especially given some of the massive investments in infrastructure taking place in the county.
“Allianz Global Corporate & Specialty aims to accelerate its growth in Brazil with its new business model as a local reinsurer. Large infrastructure investments in railways, ports, airports, electricity and the rise of offshore drilling activities require high-quality capacity backed up by financial strength and technical risk expertise. Also, more and more Brazilian corporations are looking to compete within global markets, boosting the demand for international insurance programmes.”
Helga Jung, member of the Allianz board responsible for Latin America and Iberia, added that Allianz sees great potential in Brazil. It is rapidly becoming a growth centre of the global economy and its insurance markets are rapidly developing in tandem with this.
“For Allianz, Brazil is the most important market in Latin America and was an important driver of last year’s growth in P&C sales,” she said. “We expect that Brazil will continue to offer significant potential for growth. Therefore, we want to further strengthen our presence in Latin America.”
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Allianz, Brazil, Insurance, Reinsurance