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IRB maintains local reinsurance market share of 78.5, but earnings down 58.5 for first eight months of 2009
- Edwards Wildman Palmer LLP
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- Brazil
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- November 9 2009
IRB-Brasil Re, the government-controlled former monopoly holder in Brazil’s reinsurance market, has maintained a 78.5 share of the market’s local reinsurance premiums since the market’s opening, but perhaps at a significant cost to its bottom line
Brazil’s SUSEP confirms requirements for purchasing foreign insurance, permitted lines for purchase in foreign currency
- Edwards Wildman Palmer LLP
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- Brazil
- -
- October 22 2009
Brazil’s Superintendencia de Seguros Privados (SUSEP) recently released Circular No. 392 confirming the requirements for purchase of foreign insurance and which lines of insurance may be purchased in foreign currency
Standard & Poor’s releases report on Brazilian reinsurance market
- Edwards Wildman Palmer LLP
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- Brazil
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- September 28 2009
Standard and Poor’s recently released a report on the Brazilian reinsurance market entitled "Brazil’s Reinsurance Market: What Has Changed in the Past Year?"
Brazilian market shows microinsurance promise, but regulation lags behind
- Edwards Wildman Palmer LLP
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- Brazil
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- September 15 2009
Brazil’s insurance regulator, SUSEP, recently indicated that the timeline for microinsurance legislation has been further extended
Costa Rican INS revives international expansion plans; double-digit market growth in Ecuador and Peru; IRB earnings decline 55.7 in Brazil
- Edwards Wildman Palmer LLP
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- Brazil, Costa Rica, Ecuador, Peru
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- September 3 2009
As reported previously in this space, Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies
Porto Seguro and Itau Unibanco agree to merge residential and automobile insurance operations; Sul America and Bradesco next?
- Edwards Wildman Palmer LLP
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- Brazil
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- August 27 2009
One of Brazil’s largest insurers, Porto Seguro S.A. (“Porto Seguro”), and one of the country’s leading private banks, Itau Unibanco Holding S.A. (“Itau Unibanco”), recently announced an agreement to merge their residential and auto-insurance operations
Reinsurance prices down in Brazil? Costa Rican bank receives authorization to market insurance products on behalf of insurance companies; Venezuelan politician questions motives of opponents of new insurance law
- Edwards Wildman Palmer LLP
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- Brazil, Costa Rica, Venezuela
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- July 30 2009
Eduardo Nakao, the CEO of IRB-Brasil Re, the government-controlled former reinsurance monopoly holder, recently acknowledged that the IRB’s reinsurance prices have hit a nine-year low and reportedly attributed the decline to increased competition from foreign reinsurance competitors
Premium growth results and forecasts
- Edwards Wildman Palmer LLP
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- Argentina, Brazil, Colombia, Mexico, Puerto Rico, Venezuela
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- July 27 2009
Mapfre’s Latin American operation, Mapfre America, recently announced that its net profits increased 25.0 and its total premiums 20.3 when comparing the first half of 2009 to the first half of 2008
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