Latin American Developments

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As the insurance industry mobilizes in response to the fifth largest earthquake on record, our thoughts remain with our friends, business associates and everyone else impacted by the devastation in Chile.  In the wake of the quake and numerous aftershocks, the death toll in Chile has risen to over 700, thousands are missing, 2 million are estimated homeless and property damage is widespread. 

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Read More Insured Losses From Chile Earthquake Could Reach US$ 8 Billion

Costa Rica’s Insurance Regulator, Sugese, recently included Aseguradora Mundial on its list of authorized insurers, making Grupo Mundial of Panama the first foreign company with permission to conduct insurance business in the country’s newly liberalized market. 

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Read More Aseguradora Mundial Becomes First Foreign Company Fully Authorized To Do Insurance Business In Costa Rica

Amid solid growth rates in the face of global economic crisis, international interest in the Latin American insurance and reinsurance markets is at an all-time high. Just as most Latin American markets have better weathered the downturn, so they are expected to rebound more quickly. 

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Read More Reminder: Free Webinar on February 23, 2010: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond

The Brazilian federal government has reportedly decided to reduce its control of the nation’s former reinsurance monopoly holder, IRB Brasil Re, in a move that some are referring to somewhat misleadingly as “privatization” of the entity.  The government would reportedly maintain significant control of the entity through a “golden share” arrangement, but would reduce its equity position in the entity below the majority ownership that it currently maintains. …
Read More Brazilian Government Considers “Privatization” of Dominant Government-Controlled Reinsurer IRB Brasil Re

Gloria Sabando, Ecuador’s Superintendent of Banking and Insurance, recently announced that the seventeen (17) companies that operate in the country’s mandatory auto coverage market (SOAT–Seguro Obligatorio de Accidentes y Transito) must return US$ 19.4 million in premium to their customers, representing a 30% credit against “excessive” premiums charged in 2009. …
Read More Ecuador: Regulator Finds That Seventeen Insurers Must Return A Total of US$ 19.4 Million In Compulsory Auto Premiums; Insurers Begin Making Payments and Seeking Clarity

The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond” on Tuesday, February 23, 2010 at 10:00 am (EST). 

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Read More Free Webinar: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond

Each year the FTC is required by statute to adjust the thresholds for Hart-Scott Rodino pre-merger filings.  HSR filings and consequent regulatory approval of the transaction are required prior to closing a transaction involving the acquisition of assets (including exclusive licenses) or securities that meets the operative thresholds. 

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Read More United States Federal Trade Commission Lowers Pre-Merger Filing Thresholds

The International Development Bank recently approved a US$ 3.3 million loan to the Federacion Interamericana de Expresas de Seguros (FIDES) to increase the use of microinsurance in Latin America.  Ten companies will participate in the project with the goal of designing and commercializing life, casualty and health microinsurance products. …
Read More International Development Bank Grants US$ 3.3 Million Loan for Expansion of Microinsurance in Latin America