BN Americas reports that Latin America was the fastest-growing region in terms of net premiums for Zurich-based insurance and reinsurance group Ace, outpacing Asia and other regions, where performance was mixed. Although exact numbers have not been released, Ace CEO Evan Greenberg reportedly stated that Ace’s property and casualty and accident and health premiums each grew by double digits in Latin America in 2008.
Ace entered the Peruvian and Brazilian reinsurance markets in 2008, and Ace Latin America now has operations in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Puerto Rico and Peru. In the newly opened Brazilian reinsurance market, the firm has obtained occasional and admitted reinsurer status and awaits approval of its application to operate as a local reinsurer.
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