Topic: Lloyd's

Brazilian Bank Seeks Authorization for Reinsurance License

Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer.  Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. 

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EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies

The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry).  The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action. 

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