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U.S. RE To Foray Into Brazil

Got approval from the Brazilian regulatory authorities to launch new subsidiary, U.S. RE Do Brasil Corretora de Resseguros, LTDA

U.S. RE Companies, a reinsurance brokerage and financial services firm, has been approved by the Brazilian regulatory authorities to launch the company’s new subsidiary, U.S. RE Do Brasil Corretora de Resseguros, LTDA, as a reinsurance broker with offices in Sao Paulo.

The approval of the new office in Brazil follows the announcement that U.S. RE has entered into a strategic alliance with Bruno Sforni S.p.A., an insurance and reinsurance broker in Milan, Italy.

Tal Piccione, chairman and CEO of U.S. RE, said: “U.S. RE is on the move as we create new offices in Latin America, Europe and elsewhere. We long have had a strong presence in Europe with our head office in Basel, Switzerland, and we have had an office in Istanbul, Turkey for several years. Last year, in addition to establishing an office in Copenhagen, Denmark, the company took its first step in Africa with the opening of an office in Mauritius. Over the years, U.S. RE has done business in Japan, and we’re looking to extend our presence in Asia.”

U.S. RE Do Brasil Corretora de Resseguros, LTDA (U.S. RE Brazil Reinsurance Broker, LTC, LLC), will be led by Massimo Dominici, a broker in Sao Paulo.

Mr Piccione said: “With recent enactment of legislation opening Brazil to foreign reinsurance brokers, we’re pleased to bring this growing market U.S. RE’s expertise and access to worldwide reinsurance.”