Max Capital Group Ltd. recently announced the establishment of its Latin American reinsurance operations in Latin America through representative offices in Rio de Janeiro, Brazil and Bogota, Colombia.  The company also announced the hiring of Carlos Caputo and Sonia Galvis, both formerly of XL Re Latin America, as the CEO and Chief Underwriting Officer, respectively, of Max Capital’s Latin American operations.

Max Capital will operate in Brazil as an admitted reinsurer through its Lloyd’s syndicate.  The move is well-timed given that January 2010 brings a reduction from 60% to 40% of the percentage of reinsurance business that Brazilian insurers must offer to local reinsurers under the country’s right of first refusal regulations.

Marston Becker, President and Executive Director of Max Capital, indicated in a company press release that the move is based upon the company’s interest in Brazil in particular, but also noted emerging opportunities in Central America, Colombia, Ecuador, Panama, Peru, Chile and Argentina.  The company will initially offer reinsurance for the property, property catastrophe, aviation, casualty, marine and surety lines.

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