The Rio de Janeiro state government is reviving a 1997 plan to create an International Reinsurance Centre

Rio state governor Rosinha Garotinho, state economic development secretary Humberto Mota signed a letter of intent in late April to create the centre with the federal insurance regulator, Superintendencia de Seguros Privados (Susep), federal state-owned reinsurer, Instituto de Resseguros do Brasil (IRB), insurance association, Federacao Nacional das Empresas de Seguros Privados e de Capitalizes (Fenaseg), Rio industrial association, Federacoes das Industrias do Estado do Rio de Janeiro (Firjan), and Rio commercial association, Associacao Comercial do Rio de Janeiro, and the Rio city authorities. The hope is to capitalise on the advantages in Rio de Janiero city in terms of tax breaks, which have yet to be detailed, and communications. The centre is to be located in the Teleporto area in Cidade Nova, close to Rio centre, with the aim of attracting the presence of brokers, law firms, specialised consultancy companies and translation services in addition to international reinsurance companies. A wider ambition is to make Rio a centre for international business between the Latin American Southern Cone countries, the North American Free Trade Agreement (Nafta) countries, the European Union, China and Japan.

An international reinsurance centre was first proposed in 1997 when the government of President Fernando Henrique Cardoso launched an economic restructuring programme that included, at the time, plans to privatise IRB. The IRB privatisation was dropped in the aftermath of a devaluation crisis and subsequent political problems.