Licensed as occasional reinsurer in newly deregulated market
The Navigators Group today announced that its principal insurance company subsidiary, Navigators Insurance Company, has received regulatory approval to underwrite reinsurance in the newly de-regulated Brazilian reinsurance market.
Navigators CEO Stan Galanski said he was “very pleased” to have received approval from SUSEP, the Brazilian reinsurance regulator.
“This new licence will support Navigators' strategic objective of growing our Latin American book of business by enabling us to better serve the newly-opened Brazilian reinsurance market through both Navigators Insurance Company and our Lloyd's Syndicate 1221," Galanski said.
Current regulations in Brazil allow three forms of market participation: local reinsurers, as classified by Brazilian law, are incorporated in Brazil and dedicated solely to reinsurance; admitted reinsurers are incorporated outside Brazil with representative offices in the country; and occasional reinsurers are incorporated outside Brazil without local offices.
Navigators Insurance Company has been approved in the category of occasional reinsurer.
Navigators Insurance Company is rated "A" (Excellent) by A.M. Best, and Navigators Syndicate 1221 at Lloyd's is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's.
The Navigators Group is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's.