Markel International will soon write primary insurance in Brazil after obtaining a licence from the country’s industry regulator.
Brazil’s Superintendence of Private Insurance has given Markel multiline clearance to write several classes of business throughout the Latin American country.
The London-based insurer is expected to announce the launch of its first products early this year. Its offering will exclude lines where it writes reinsurance business.
Markel’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.
“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,” said Markel Latin America chief executive Carlos Caputo.
Markel chose to make Brazil its first primary operation in Latin America because the country represents around 50% of the total insurance premium in the region, Caputo explained.
“This will be another important step in our long term plans in Latin America for the region, building on our established reinsurance operation,” he said.
The specialist insurer has been writing reinsurance business in Brazil and elsewhere in Latin America since 2010.
In 2016, Markel appointed Leonardo Paixao to help with its entry into the primary insurance market in Brazil.
“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,” Caputo said.
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