XL: Prior Approval To Establish In Brazil

September 30, 2011

XL Group plc and its subsidiaries today announced that the XL group of companies has received prior approval from the Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados (SUSEP), to establish an insurance operation in the country.

Upon receipt of final regulatory approval, XL plans to open XL Seguros Brasil S.A. in Sao Paulo to offer a range of Casualty, Property, Professional and Specialty insurance products. This insurance operation will expand XL’s capabilities in Brazil, where its Reinsurance segment has operated for over a decade.

XL’s CEO, Mike McGavick, said: “The Brazilian contribution to the global economy continues to grow and will only become more central to our clients’ goals. We look forward to expanding our offerings in the country and helping the development of the local and regional marketplace.”

“At XL we are continually focused on the rate of change, the increasingly interconnected world and the need to help our clients advance wherever their business occurs,”

Mr. McGavick added. “Of the approximately 1700 Global Programs we participate in, more than thirty percent have at least one policy in Latin America, and we are committed to building out our regional presence. We will continue to work closely with SUSEP and prepare for the full opening of our insurance operations including the recruitment of additional underwriters and support teams.”

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  1. Hmmmmm says:

    “The Brazilian contribution to the global economy continues to grow and will only become more central to our clients’ goals. We look forward to expanding our offerings in the country and helping the development of the local and regional marketplace

    When Burch said look at Brasil, India and China there was no end to the scorn. Is XL out to lunch too then ? Probably just as crazy as Dr. Saul for suggesting we mine the ocean floor….now where did i hear that before ? oh yeah…Burch again.

  2. University Grad says:

    What is so bad about searching for precious or semi-presious metals etc

    On another note

    International ecomonies, mulit-national companies move to countries where it is cheapest to do busines…raise the standard of living and move when it is cheaper (aka more cost effective) to do business in another part of the world/country

    Food For Thought

    Why Fight what we can do nothing about..or is there somethings we can do