XL given green light in Brazil

by Richard Kilner

Story link: XL given green light in Brazil

XL Group plc has announced that the XL group of companies has acquired the green light from the Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados (SUSEP), to set up an insurance operation in Brazil.

XL Seguros Brasil S.A. in Sao Paulo will provide a range of products, including Casualty, Property, Professional and Specialty.

The insurance office is to be led by Country Manager Juan Bragadin and is expected to begin operations in the first quarter of this year.

XL Chief Executive Officer Mike McGavick described Brazil as being at the intersection of global development and growth.

McGavick went on to say that he was thrilled that the firm would be expanding its operations in Brazil, and praised the dedication and hard work of the project team involved.