ACE recently received approval as a local reinsurer in Brazil—one of only six in the country—where it will operate under the name ACE Resseguradora. 

“We're pleased to have received approval as a local reinsurer in Brazil,” said Jacques Bonneau, CEO of ACE’s Global Reinsurance operations.  “It’s exciting to now have all the reinsurance licenses we need to do business in such an important market—one that we believe has much potential.  Our goal is to be able to offer clients the full range of reinsurance solutions they need from one financially strong provider.”

Brazil represents a mid- to long-term opportunity for ACE’s reinsurance business. The country was recently named host of the 2016 Olympics and the 2014 World Cup soccer tournament, and there is continued growth in the infrastructure and natural resources sectors.  "We certainly see the large capital expenditures as offering opportunities in a number of lines of business, but we are also interested in all other facets of the property and casualty reinsurance business," Bonneau said.

According to Jorge Luis Cazar, regional CEO for ACE’s business in Latin America, the new reinsurance capability in Brazil is another milestone in the growth of ACE’s business in this rapidly developing part of the world. “Overall at ACE, we seek to provide a full spectrum of insurance and reinsurance products and services in key markets in Latin America,” Cazar said. “License approvals such as those we’ve gained in Brazil serve as important building blocks for developing our capabilities for customers and expanding our franchise in the region.”