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Brazil: High competition likely to hit reinsurers' profitability, says Moody's

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Moody's Investors Service Inc. has said in a report that an increasingly competitive environment in Brazil's reinsurance sector has triggered strong price competition, BNamericas reported.

This in turn has led to increasing pressure on reinsurers' profitability, the ratings agency said. Moody's said the market presents considerable growth opportunities for new players, adding that more than 100 reinsurers have already been authorized to operate in the country.

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