Swiss Reinsurance America Corporation and Swiss Reinsurance Company Ltd. are officially recognized as admitted reinsurers by Susep, the Brazilian insurance regulator, with the ability to sell reinsurance in the newly de-regulated Brazil marketplace. Swiss Re's official recognition by Susep was announced in the Brazilian Official Gazette of May 26, 2008.
Beat Strebel, Head of Swiss Re's Latin America operations, said, "Swiss Re is pleased to officially become an admitted reinsurer in Brazil. Swiss Re has a long history of involvement in Brazil with more than 50 years of business relationships and we have maintained an office in the country for 12 years. We have a strong commitment to serve our Brazilian clients with the best solutions and products. The newly opened reinsurance sector will provide a healthy, competitive insurance landscape and add to the stability of the Brazilian economy."
As an admitted reinsurer, Swiss Re will reportedly benefit from greater flexibility and will be able to offer its wide range of reinsurance products and financial services solutions in Brazil.
"As a global expert on managing capital and risk, Swiss Re strives to add value to our clients' business by helping them manage their capital base in the most efficient way," said Strebel. "The benefits of our world-wide experience will now also be available to the Brazilian market."
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