XL to launch insurance operation in Brazil

HAMILTON, Bermuda—XL Group P.L.C. says it and its subsidiaries have received final approval from the Brazilian insurance and reinsurance regulator—Superintendencia de Seguros Privados—to establish an insurance operation in Brazil.

XL said its São Paulo-based XL Seguros Brasil S.A. will offer a range of property, casualty, professional and specialty insurance products. The operation is expected to begin during the first quarter of this year and will be headed by Juan Bragadin, country manager, XL said Thursday in a statement.

“Brazil is at the intersection of global development, connectivity and growth,” XL CEO Mike McGavick said in a statement. “For XL, Brazil is also an essential geography to advance our dedication, through complex risk solutions, to helping make the world go. We are thrilled to expand our operations in the country.”

XL received preliminary approval to establish a Brazilian operation in September.