The opening of the reinsurance market in mid-April is the final step in the modernisation of Brazil’s insurance industry, a long process dating back to 1993. The enabling legislation, signed into law in January 2007, ended the monopoly of state-owned reinsurer IRB-Brasil Re and established rules for private reinsurers to enter the business. The huge potential of Brazil’s market has resulted in greater interest from the private sector than was expected, which will force IRB to become...
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