Local Brazilian reinsurer JMalucelli Re and foreign admitted reinsurer Hannover Life Re recently announced that they have entered into a cooperation agreement to offer life and health reinsurance in the Brazilian market. The move has reciprocal benefits for the two companies: (1) Hannover Life Re can now, through the relationship, overcome certain of the market share limitations imposed by Brazilian regulations in the form of cession limits for foreign reinsurers and a “right of first refusal” in favor of local reinsurers; and (2) JMalucelli Re, which previously operated only in the area of guarantee reinsurance, will receive substantial know-how and technical support from Hannover Life Re in developing its life and health reinsurance business.
SUSEP, the Brazilian insurance and reinsurance regulator, has formally approved the withdrawal of AIG from the giant Brazilian insurer formerly known as AIG Unibanco. Although AIG had not appeared in the company name since last year and Unibanco had been negotiating the purchase of AIG’s share since September 2008, the move required regulatory approval before it could be finalized.
If you would be interested in learning more about the Brazilian or other Latin American (re)insurance markets and/or regulatory environments, please click the “Email the Editor” button and provide your contact information for follow-up by an EAPD attorney.
