Navigators Group, a US-based insurance company, has said that its wholly-owned syndicate, Navigators Syndicate 1221 at Lloyd's of London, has co-located with Lloyd's in Rio de Janeiro by appointing a local representative. Lloyd's has Admitted Reinsurer status in Brazil and had its official opening there in April 2009.
Stephen Coward, president of Navigators Technical Risk, said: Having a qualified local representative in Rio de Janeiro will significantly improve our prospects of developing reinsurance business in the energy industry segment in which we specialise.
Brazil is an attractive market opportunity for Navigators because of its rapidly expanding economy. The country has plans to invest in its infrastructure as well as in the energy industry over the next 10 years. They are also the host country for the 2014 FIFA World Cup and the Olympic Games of 2016, which is expected to expand opportunities across the market.
Over time, we expect that other Navigators products will also be introduced through this channel.