Colombian financial regulator Superfinanciera has released premium and earnings figures for insurance companies for 2008, showing that both total premiums and earnings rose significantly, led by the life insurance sector.
Read More Colombia: Premiums and Earnings Rise in 2008
Latin American Developments
Brazil: Susep Further Decreases 2009 Premium Growth Prediction
By Troutman Pepper Locke on
Posted in Latin American Developments
The global financial crisis has taken its toll on Brazil’s insurance industry, according to Susep, the country’s insurance regulator. Susep projected in November 2008 that premium growth in Brazil would reach 16.2% in 2009.
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Brazil: Insurer Reportedly Seeks Foreign Partner To Meet Heightened Minimum Capital Requirements And Finance Expansion
By Troutman Pepper Locke on
Posted in Latin American Developments
Maritima, Brazil’s tenth largest insurer, is reportedly actively seeking a foreign insurer to purchase a minority position in the company.
Brazilian News: JMalucelli Re and Hannover Life Re Enter Accord; SUSEP Approves Withdrawal of AIG from Unibanco
By Troutman Pepper Locke on
Posted in Latin American Developments
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. …
Read More Brazilian News: JMalucelli Re and Hannover Life Re Enter Accord; SUSEP Approves Withdrawal of AIG from Unibanco
LIVE PLUS UPDATE: International D&O: Solutions, Not Questions
By Troutman Pepper Locke on
Thursday’s third session addressed the D&O risks and insurance issues that globalization poses for U.S. corporations doing business through subsidiaries abroad. The Panel discussed the issues to keep in mind when placing D&O insurance for a global corporation and its foreign subsidiaries.
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First Private Company Authorized to Compete in Costa Rican Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments
As previously discussed here, the government monopoly over the Costa Rican insurance industry ended in the Fall of 2008. Seguros del Magisterio, S.A. has now become the first company authorized to compete with the Instituto Nacional de Seguros (INS).
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World Bank’s Doing Business 2009 Measures Ease of Doing Business in Latin American Economies
By Troutman Pepper Locke on
Posted in Latin American Developments
The staff of the World Bank Group recently released its annual Doing Business report, which provides an interesting review of the differing conditions and trends found in the various Latin American economies.
Bolivia: Insurance Regulatory Structure to Change as Part of Constitutional Reforms
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
As part of the structural changes ushered in by the new Bolivian constitution (for further discussion, see here), the central government will absorb eight of the country’s ten existing superintendencies, leaving only the superintendencies of banking and hydrocarbons as “independent.” In addition, the Superintendencia de Bancos (Superintendency of Banks), which currently regulates insurance in Bolivia, will reportedly be renamed the Autoridad de Supervision de Entidades Financieras (Financial Entity Supervisory Authority).
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Brazil: SUSEP Releases Premium Growth Results and Predictions
By Troutman Pepper Locke on
Posted in Latin American Developments
Brazilian insurance regulator SUSEP recently released premium growth results and predictions that were both somewhat lower than previous predictions.
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Read More Brazil: SUSEP Releases Premium Growth Results and Predictions
Report: Latin America is Ace’s Fastest-Growing Region in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments
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.
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Read More Report: Latin America is Ace’s Fastest-Growing Region in 2008