Brazilian reinsurance company J. Malucelli Re has recently received foreign reinsurer authorization in Paraguay, Ecuador and the Dominican Republic and expects to receive authorization shortly in Argentina, Mexico and Costa Rica. According to its Technical Director, Luiz Alberto Pestaña, these regulatory authorizations are just the beginning of J. Malucelli Re’s plan to become the largest warranty reinsurer in Latin America by 2015.
Formed in 2008 with the opening of the Brazilian reinsurance market to private competition, J. Malucelli was originally conceived of as little more than the “captive” reinsurance arm of the related Brazilian insurance company. When asked about the change in strategy, Pestaña reportedly cited a number of “unexpected developments,” including Swiss Re’s decision to not compete in the warranty space and the explosion of the Brazilian reinsurance market.
If you would be interested in learning more about the Central American and/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.
