ACE, through its local subsidiary ACE Resseguradora, recently received authorization as the sixth local reinsurer in the Brazilian reinsurance market. ACE joins XL Re, Mapfre, Munich Re, J. Malucelli Re and IRB-Brasil Re as the only reinsurers in the Brazilian market unfettered by cession limits and/or rights of first refusal.
ACE now has a reinsurer authorized in each of the three categories of reinsurers created by Brazil’s new reinsurance law upon the market’s opening in April 2008: occasional/eventual, admitted and local. Each category entails different levels of investment (both symbolic and financial) in the jurisdiction, with corresponding levels of access to the nation’s insurance market.
Brazil remains Latin America’s largest insurance market with approximately 40% of the region’s total premiums.