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Brazil: Regulator allows Berkshire Hathaway to operate as 'eventual reinsurer'

May 26, 2014 - 6:00am

Brazilian insurance industry watchdog Susep has granted a license permitting Berkshire Hathaway Inc. to do business in Brazil as an "eventual reinsurer," Reuters reported.

The license will be granted to Berkshire Hathaway International Insurance Ltd., Berkshire's U.K.-based division. As per industry rules, eventual reinsurers need to maintain global net assets of at least $150 million, have its head office located outside a tax-haven nation and be rated a notch above the minimum investment-grade rating by a major credit rating firm, Reuters reported.

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