Odyssey America Reinsurance (Odyssey Re) said that superintendent of private insurance in Brazil (SUSEP) has approved it to conduct business as an admitted reinsurer in Sao Paulo.

The company said that the development follows the recent appointment of Mauro Caetano, who was hired to establish a Sao Paulo office for OdysseyRe.

Brian Young, chief operating officer, said: “We are delighted that SUSEP has approved our license upgrade. Our admitted status will enhance our growth prospects and the service we can deliver to our reinsurance clients in this important market.”

Odyssey Re Holdings is an underwriter of property and casualty treaty, facultative reinsurance, and specialty insurance. It operates through its subsidiaries, Odyssey America Reinsurance, Hudson Insurance Company, Hudson Specialty Insurance Company, Newline Underwriting Management, Newline Asia Services and Newline Insurance Company.