Allianz Global Corporate & Specialty Re Brazil authorized to reinsure risks in Chile and Colombia
AGCS Re Brazil now also supports industrial and corporate clients in Chile and Colombia
Chile and Colombia are part of Allianz Global Corporate & Specialty’s (AGCS) strategy to further expand operations in South America
Brazil is AGCS’s hub for reinsurance activities in South America
PRESS RELEASE - Munich/New York City/Rio de Janeiro. April 28, 2014
AGCS Resseguros Brasil (AGCS Re Brazil), the Brazilian entity of leading industrial insurer Allianz Global Corporate & Specialty, is expanding its South American business as it received authorization to reinsure risks in Chile and Colombia.
In Chile, AGCS Re Brazil now carries the required two financial strength ratings to do business in the country. In addition to its local “AAA” Standard & Poor’s rating, AGCS Re Brazil was recently assigned an “A” (“Excellent”) rating by A.M. Best.
In Colombia, AGCS Re Brazil is officially registered on REACOEX and has been granted approval by the Colombian regulator to reinsure risks in the market.
In both Chile and Colombia, AGCS Re Brazil’s reinsurance solutions are available across a wide range of business lines: Aviation, Marine, Energy, Financial Lines, Engineering, Liability and Property.
By becoming a reinsurance provider for the Chilean and Colombian markets, AGCS is further developing its activities in South America led by Regional CEO Angelo Colombo based in Brazil, the company’s South American hub. As part of AGCS’s strategy to expand its global footprint and offer clients around the globe easy access to its worldwide network, AGCS Re Brazil set an ambitious growth target of 15% for South America in 2014. AGCS Re Brazil was founded in 2013 and had first strong year of operations.
“Considering the growth potential of the South American market it is a significant move for AGCS Re Brazil to now be able to reinsure risks in Chile and Colombia. We are very optimistic that this is only the first step in our future development in the region,” says Art Moossmann, Chief Regions & Markets Officer and member of the Board of Management of AGCS.
 REACOEX (Registro de Reaseguradores y corredores de reaseguro del exterior): Colombian reinsurance industry register.