Swiss Re has submitted an application to the Superintendence of Private Insurance (SUSEP) for a local reinsurance registration in Brazil.
Swiss Re is looking to become a local reinsurer under the reinsurance registration for its operations in Brazilian insurance market.
According to the reinsurer, the local registration will allow Swiss Re to participate fully in the Brazilian market and service a wider spectrum of clients and risks while being an active player in future market developments.
Swiss Re region head of Brazil and Southern Cone Reinsurance Rolf Steiner said the economic expansion coupled with large infrastructure projects to support this growth, the World Cup, and Olympics have increased the need for risk management support.
"As a global re/insurance leader, Swiss Re has the expertise and capacity to serve the growing demand in this thriving region," Steiner said.