AGCS Re Brazil launches Peru reinsurance

AGCS Re Brazil launches Peru reinsurance

AGCS Re Brazil will start providing reinsurance solutions in Peru for stand-alone risks or as part of global programs.

This is part of Allianz Global Corporate & Specialty Resseguros Brazil’s (AGCS Re Brazil’s) plans to expand core markets across South America, using its local Brazilian reinsurer licence.

It is also backed by its AM Best ‘A’ (Excellent) rating and local Standard & Poor’s ‘AAA’ rating.

In April this year the reinsurer announced it was doing similar expansions in the Chilean and Colombian reinsurance markets.

Led by regional CEO, Angelo Colombo, the company is aiming for a 15% premium growth target across the region during 2014.

This is the first year for AGCS as a local reinsurer in Brazil since gaining its local licence in 2013.

The Brazillian offices provide a regional hub for expansion and AGCS Re Brazil will offer capacity for the most complex risks in the Peruvian market, including aviation, marine, energy, financial lines, engineering, liability and property, with technical risk engineering support provided by its Allianz Risk Consulting team.

"We see significant demand for our specialist expertise in Peru so this initiative is a logical step for AGCS globally, as we continue to build our network of services into fast developing markets," said Arthur Moossmann, chief regions and markets officer and member of the board of management of AGCS SE.

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