28 March 2014 News

AM Best rates Allianz Brazil; warns on regulatory changes

Allianz Global Corporate & Specialty Resseguros Brasil (AGCS Brazil), the business formed earlier this year by Allianz Global Corporate & Specialty to operate as a local reinsurer in Brazil, has secured a financial strength rating of A from AM Best.

AGCS Brazil is headed up by Angelo Colombo and has offices in Rio de Janeiro and São Paulo. It has already received an A- rating from Standard & Poor’s.

AM Best said the rating reflects ACGS Re Brazil’s solid business plans, adequate risk-adjusted capital and an existing client base in the market that provides a balanced book of business.

But it also noted that partially offsetting these positive things are the numerous companies that have entered the Brazilian reinsurance market in recent years, making it a highly competitive environment. In addition, as the Brazilian reinsurance market is still somewhat in a state of flux, the potential for regulatory changes exists, which could negatively impact ACGS Re Brazil.


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More on this story

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5 December 2023   Pricing momentum now ‘well past its peak,’ still underpins ‘robust underwriting results’.
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29 November 2023   Low layers and aggregate covers for earnings protection are off the table mid-term.
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24 November 2023   Tight capacity and uncertainties looming over fronting market remain headwinds.

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