Ariel Reinsurance, a Bermuda-based insurance and reinsurance company, and a subsidiary of Ariel Holdings, has opened a representative office in Rio de Janeiro, Brazil.
Ariel said that it has received an approval from the Brazilian insurance regulator, Superintendencia de Seguros Privados (SUSEP), to do business in the country.
Ariel Re’s 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.
Mr Rothenberger said: We are pleased to begin operations in Brazil, which is an important part of the Latin American market. We look forward to working with our customers to identify profitable business opportunities both within Brazil and throughout the region.”
Tom Hulst, CEO of Ariel Re, said: “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.”