Alterra Capital Holdings, a Bermuda-based provider of insurance and reinsurance products, has received approval to establish a reinsurance company in Brazil.

The company has received approval from Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados, to establish Alterra Resseguradora do Brasil (Alterra Re Brasil) in Rio De Janeiro.

The new company is expected to offer a wide range of reinsurance products to Brazilian insurance companies with immediate effect, said Alterra.

Alterra Latin America CEO Carlos Caputo will also serve as CEO of the company.

Alterra president and CEO Marston Becker said that Alterra Re Brasil will complement their Alterra at Lloyd’s office in Rio de Janeiro, providing them with additional reinsurance opportunities.

"We are committed to increasing our presence in the buoyant economies of Latin America, including Brazil, the region’s largest insurance market, which experienced impressive double-digit premium growth in 2010," added Becker.