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Brazil reinsurance market to open up


BRASILIA, Brazil— The Brazilian Official Federal Register has published the bill that finally ends the monopoly of the Brazilian reinsurance market.

The monopoly was exercised by the Brazilian Reinsurance Institute (IRB).

The government owns 51% of the IRB with the balance owned by private sector investors.

Under the new rules, international reinsurance companies that have operated for more than five years in their country of origin are now allowed to invest in IRB.