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Mexico City-based reinsurer Reaseguradora Patria S.A. has received approval from Lloyd’s of London to set up a special purpose syndicate to underwrite short-tail specialty Latin American business.
Patria Re announced Tuesday that it had received approval for Patria Re SPS 6125, which will be managed by Pembroke Managing Agency Ltd., a unit of New York-based Ironshore Inc.
Patria Re said the syndicate would have stamp capacity of £15 million ($22.7 million) for the 2016 year.
Willis Brasil, the Brazilian unit of U.K.-based Willis Group Holdings P.L.C., said that it has acquired Brazil-based reinsurance broker Miller do Brasil Corretora de Resseguros Ltda., reported BNamericas.
Probitas Syndicate 1492 to expand Latin American liability in 2016
Broker sanguine on Latin American construction insurance market