Markel International, London, January 17, 2017 --- Markel International, the specialist insurer, has been granted a licence to write primary insurance in Brazil, SUSEP, the Brazilian insurance regulator announced today.
Since 2010 Markel’s Latin American team has been writing reinsurance business in Brazil and elsewhere in Latin America.
SUSEP has given the company multiline clearance to write several classes of business throughout the country. Markel expects to announce the launch of its first products early this year and has said already that its offering will exclude lines where it writes reinsurance business.
In the beginning of 2016, it appointed Leonardo Paixao, formerly president of IRB Brasil Re, to help with its planned entry in the primary insurance market in the country.
Markel International’s primary insurance expertise includes accident and health, equine and livestock, professional and financial risks, trade credit and political risk, and marine, energy and property risks.
Markel International looks after the commercial insurance needs of major businesses, SMEs, professionals and sole traders. It underwrites risks on its Lloyd’s syndicate and through its insurance company, Markel International Insurance Company (MIICL). In 2015 it wrote gross premium of $1.1bn. MIICL is rated at A or better by Standard & Poor’s, Fitch and A.M. Best, while its syndicate benefits from Lloyd’s ratings of A+, A and AA respectively.
Markel International is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL) with combined assets of $25.0 billion and $7.8 bn of shareholder’s equity. In 2015 Markel Corporation wrote gross premium of $4.6bn.
Carlos Caputo, chief executive, Markel Latin America, said: ”As well as having a broad portfolio of niche, specialist insurance products, we will offer the Brazilian broker market and their clients the high levels of service that are central to the way we do business. That includes delivering a claims service which we believe is so good that it’s an active reason for brokers and their clients to insure with Markel rather than with someone else. We are here to pay claims and to do so in a way that is fast and efficient.
“Brazil represents around 50% of the total insurance premium in Latin America and so was the natural choice for Markel to establish its first primary operation in the region. This will be another important step in our long term plans in Latin America for the Region, building on our established reinsurance operation.
“We have successfully attracted a very talented team which, led by Leonardo, will work to identify and meet the needs of this fast growing Market.”
For more information:
Carlos Caputo, Chief Executive, Latin America
email@example.com +55 (21) 3559 5900
Michael Henman, Director of Communications + 44 (0)20 7953 6000
Josephine Dencker, PR & Marketing Executive + 44 (0)20 7953 6000
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America, Middle East and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A., Markel Seguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services. For more information please visit us at www.markelinternational.com and www.markelcorp.com