XL Announces that it has Obtained Prior Approval to Establish an Insurance Operation in Brazil
HAMILTON, Bermuda, Sept. 30, 2011
HAMILTON, Bermuda, Sept. 30, 2011 /PRNewswire/ — XL Group plc ("XL") (NYSE:XL) and its subsidiaries today announced that the XL group of companies has received prior approval from the Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados (SUSEP), to establish an insurance operation in the country. Upon receipt of final regulatory approval, XL plans to open XL Seguros Brasil S.A. in Sao Paulo to offer a range of Casualty, Property, Professional and Specialty insurance products. This insurance operation will expand XL's capabilities in Brazil, where its Reinsurance segment has operated for over a decade.
XL's CEO, Mike McGavick, said: "The Brazilian contribution to the global economy continues to grow and will only become more central to our clients' goals. We look forward to expanding our offerings in the country and helping the development of the local and regional marketplace."
"At XL we are continually focused on the rate of change, the increasingly interconnected world and the need to help our clients advance wherever their business occurs," Mr. McGavick added. "Of the approximately 1700 Global Programs we participate in, more than thirty percent have at least one policy in Latin America, and we are committed to building out our regional presence. We will continue to work closely with SUSEP and prepare for the full opening of our insurance operations including the recruitment of additional underwriters and support teams."
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
SOURCE XL Group plc