Brazil Government Authorizes Allianz To Enter Re-Insurance Market
18 August 2009 - 10:44PM
Dow Jones News
The Brazilian government Tuesday authorized European insurance
giant Allianz (AZ), through its Allianz Global Corporate &
Specialty arm, to operate in Brazil's re-insurance market, the
National Private Insurance Board said.
Allianz already operates in Brazil's corporate insurance
market.
In 2007, Brazil ended seven decades of government monopoly in
the area of re-insurance, the practice by which large insurance
companies insure risks of smaller insurers. Beginning in 2007, the
former government monopoly, known as the Brazilian Re-insurance
Institute, began to compete against private companies.
-By Tom Murphy, Dow Jones Newswires; 55-11-2847-4519;
brazil@dowjones.com