XL group of companies has received prior approval from the Brazilian insurance and reinsurance regulator, SUSEP, to establish an insurance operation in the country.
Upon receipt of final regulatory approval, Ireland-based XL plans to open XL Seguros Brasil in Sao Paulo to offer a range of casualty, property, professional and specialty insurance products.
XL Group CEO Mike McGavick said the Brazilian contribution to the global economy continues to grow and will only become more central to their clients’ goals. They look forward to expanding their offerings in the country and helping the development of the local and regional marketplace.
"Of the approximately 1700 global programs we participate in, more than thirty percent have at least one policy in Latin America, and we are committed to building out our regional presence. We will continue to work closely with SUSEP and prepare for the full opening of our insurance operations including the recruitment of additional underwriters and support teams," added McGavick.