Ariel Re To Open Office in Brazil
Bermuda-based Ariel Reinsurance Company Ltd. will be opening of a representative office in Rio de Janeiro, Brazil following its approval as an admitted reinsurer by the Brazilian insurance regulator, Superintendência de Seguros Privados (SUSEP).
Ariel Re said its initial focus in Brazil will be on Surety and Trade Credit reinsurance, underwritten through its branch office in Zurich, Switzerland, and managed by Thomas Rothenberger. The company said they are pleased to begin operations in Brazil, which is an important part of the Latin American market, and look forward to working with our customers to identify profitable business opportunities both within Brazil and throughout the region.”
Ariel Re’s CEO Tom Hulst added: “The establishment of a representative office and our admitted status demonstrates our commitment to building our operations in Brazil and is a further step in the development of our business throughout Latin America.”
Ariel Re is a subsidiary of Ariel Holdings Ltd, which was established in 2005 by private equity investors. Since its inception, Ariel has grown its initial $1.0 billion equity to more than $1.7 billion at the end of 2009 having reported record profits for the recently concluded fiscal year.
