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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

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

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?"

NAIC announces new cooperation agreement with Brazil

Edwards Wildman Palmer LLP
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Brazil, USA
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December 8 2009

On Saturday, December 5, 2009, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Agencia Nacional de Saude Suplementar (ANS), Brazil’s Insurance Regulator for Health Plans and Health Insurance, during the NAIC Winter Meeting

Total premiums off nearly 5 in September

Edwards Wildman Palmer LLP
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Brazil
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December 14 2009

When comparing September 2009 to September 2008, total premiums in the Brazilian insurance market were down 4.81 (US$ 1.42 billion), down to US$ 29.58 billion to US$ 28.16 billion

ACE becomes sixth local reinsurer

Edwards Wildman Palmer LLP
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Brazil
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December 15 2009

ACE, through its local subsidiary ACE Resseguradora, recently received authorization as the sixth local reinsurer in the Brazilian reinsurance market

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
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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

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

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