Alterra Obtains Final Approval to Incorporate a Local Reinsurance Company in Brazil
HAMILTON, Bermuda--(BUSINESS WIRE)-- Alterra Capital Holdings Limited (Alterra) (NASDAQ: ALTE; BSX: ALTE.BH) today announced that the Brazilian insurance and reinsurance regulator, Superintendencia de Seguros Privados (SUSEP), has given final approval for Alterra to establish a local reinsurance company.
Alterra Resseguradora do Brasil S.A. (Alterra Re Brasil) will be located in Rio De Janeiro and is expected to offer a wide range of reinsurance products to Brazilian insurance companies with immediate effect. Carlos Caputo, Chief Executive Officer of Alterra Latin America, will also serve as Chief Executive Officer of the company.
W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, commented: "We are pleased that SUSEP has given us approval to move ahead with our local Brazilian reinsurance company, which will be an important addition to our developing operations in Latin America. Alterra Re Brasil will complement our Alterra at Lloyd's office in Rio de Janeiro, providing us with additional reinsurance opportunities. We are committed to increasing our presence in the buoyant economies of Latin America, including Brazil, the region's largest insurance market, which experienced impressive double-digit premium growth in 2010."
Carlos Caputo added: "Since setting up Alterra Latin America late in 2009, we have opened reinsurance offices in Bogota, Rio de Janeiro and Buenos Aires, each staffed by experienced local professionals with deep local market knowledge. We believe this staffing strategy enables us to serve our clients more effectively and is a key to our success in the region. We believe that the addition of Alterra Re Brasil will assist us in reaching our goal of being the reinsurance market of choice for our Brazilian insurance company clients.
Recent changes in the Brazilian reinsurance regulations have enhanced the position of local reinsurers by replacing the "first right of refusal" requirement with a rule making it compulsory for insurance companies purchasing reinsurance to cede a minimum of 40% of each risk to local reinsurers.
About Alterra Capital Holdings Limited
Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements that reflect Alterras current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting Alterras future results, please refer to the most recent reports on Form 10-K and Form 10-Q and other documents filed by Alterra with the SEC (SCUR). Alterra undertakes no obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.
Alterra Capital Holdings Limited
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Source: Alterra Capital Holdings LimitedCopyright Business Wire 2012