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SÃO PAULO, BrazilSwiss Reinsurance Co. Ltd. and Swiss Reinsurance America Corp. have been granted authority to operate as admitted reinsurers in Brazil in the country's newly deregulated marketplace.
Brazilian regulatory authority Superintendencia de Seguros Privados officially recognized the reinsurers' admitted status with notice in the Brazilian Official Gazette on May 26.
Swiss Re has an office in S~o Paulo and has maintained business relationships in Brazil for more than 50 years, said Beat Strebel, head of the Zurich, Switzerland-based reinsurance company's Latin America operations, in a statement. "The newly opened reinsurance sector will provide a healthy, competitive insurance landscape and add to the stability of the Brazilian economy," he said.