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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
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
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?"
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
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
