Markel secures licence to write primary insurance in Brazil

Specialist insurer Markel International has been granted a licence to write primary insurance in Brazil.

SUSEP, the Brazilian insurance regulator, has given the company multiline clearance to write several classes of business throughout the country.

The company had earlier appointed Leonardo Paixao, the former president of IRB Brasil Re, who joined as managing director to spearhead its entry in the primary insurance market in the country.

Markel’s Latin American team has been writing reinsurance business in Brazil since 2010.

Carlos Caputo, chief executive of Markel Latin America, said: "As well as having a broad portfolio of niche, specialist insurance products, we will offer the Brazilian broker market and their clients the high levels of service that are central to the way we do business. That includes delivering a claims service which we believe is so good that it’s an active reason for brokers and their clients to insure with Markel rather than with someone else. We are here to pay claims and to do so in a way that is fast and efficient.

“Brazil represents around 50 percent of the total insurance premium in Latin America and so was the natural choice for Markel to establish its first primary operation in the region. This will be another important step in our long-term plans in Latin America for the region, building on our established reinsurance operation.

“We have successfully attracted a very talented team which, led by Leonardo, will work to identify and meet the needs of this fast-growing market.”

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