Banco BTG Pactual has received approval from the Brazilian insurance and reinsurance regulator, SUSEP, to establish an insurance operation in the country.

The company, earlier this year, planned to invest $24m to launch a new insurance unit, BTG Pactual Seguradora SA.

The new insurance unit would focus on insurance operations associated with infrastructure projects including for the 2014 World Cup, the 2016 Olympic Games and the government’s growth-acceleration program known as PAC, a person familiar with the bank said.

Banco BTG Pactual provides investment banking, asset management, and wealth management services in South America, North America, Europe, and Asia.