Approval gained from SUSEP; COO Brian Young says admitted status will 'enhance growth'

OdysseyRe has gained a licence to conduct business as an admitted reinsurer in Brazil following approval from the Superintendent of Private Insurance in Brazil (SUSEP).

OdysseyRe recently appointed Mauro Caetano to establish a Sao Paulo office for the company. Caetano will lead OdysseyRe's presence.

US-based OdysseyRe is listed as the world's 14th largest reinsurance group by AM Best.

Brian Young, Chief Operating Officer, said: "We are delighted that SUSEP has approved our license upgrade. Our admitted status will enhance our growth prospects and the service we can deliver to our reinsurance clients in this important market.”

Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Newline Underwriting Management Limited, Newline Asia Services Pte. Ltd. and Newline Insurance Company Limited. The Company underwrites through offices in the United States, London, Paris, Singapore, Toronto, Mexico City and Sao Paulo.