AXIS Re will open a new representative office AXIS Re Brazil in Sao Paulo to source property and casualty business from Brazil and the Southern Cone.
AXIS Re, an Irish operating subsidiary of AXIS Capital, was approved to operate under admitted reinsurer status in Brazil in March 2011.
AXIS Re Europe CEO and president Karl Mayr said Latin America has been identified as a growth opportunity for property and casualty reinsurance.
"Adding Sao Paulo as a hub to source property and casualty business for Brazil and the Southern Cone region is a logical step given the increasing importance of the Brazilian and regional economies," Mayr added.
AXIS Re Europe Latin American Property and Casualty business is currently led by marketing director Bruno Krenboeck, based in Zurich, Switzerland.
Alain Derron, has been relocated to Sao Paulo to serve as the general manager of AXIS Re Brazil and will be supported by Jarbas Coimbra, commercial officer Credit & Bond for the Brazilian market.
Derron had formerly served as vice president Latin America and was based in Zurich.
A Bermuda-based global provider of specialty lines insurance and treaty reinsurance, AXIS Capital had shareholders’ equity of $5.4bn and locations in Bermuda, the US, Europe, Singapore, Canada and Australia as at 31 December 2011.