Liberty Mutual Insurance Europe Limited (LMIEL) was recently granted authorization by Brazilian insurance regulator SUSEP to do business in the country as an occasional reinsurer. LMIEL was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel.
As discussed in our prior post here, the Brazilian reinsurance market was opened to foreign reinsurers for the first time earlier this year. Occasional reinsurer status permits LMIEL to reinsure local insurers and reinsurers in Latin America's largest insurance market without the need of a local representative office. The Brazilian insurance market is expected to experience double-digit premium growth for at least the next several years, due to foreign investment and relatively low insurance penetration.