Brazilian broker Latin Re has received a licence to operate directly at Lloyd’s insurance and reinsurance marketplace, Reinsurance News has reported.

Established in 2019, Latin Re is the first Brazilian broker to receive such a licence.

The latest development will facilitate Latin Re to offer reinsurance risks from throughout the Latin American region directly to underwriters in the UK. 

Latin Re is equipped to deliver streamlined solutions, merging local data with Lloyd’s global reinsurers.

Latin Re CEO Maria Eduarda Bomfim was quoted by the publication as saying: “We are extremely proud to be the first Brazilian brokerage to obtain a licence to operate directly at Lloyd’s. 

“It is a significant milestone for Latin Re and the Brazilian insurance and reinsurance market as a whole. This achievement demonstrates our expertise and commitment to providing high-quality solutions to our clients.”

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Following the receipt of the licence, Latin Re plans to adopt medium-sized premiums with a narrow expenditure structure, thereby offering several business prospects in the reinsurance and insurance sector.

Lloyd’s Brazil director Rafaela Barreda said: “We are excited to work with LatinRe, who have extensive experience and regional knowledge of the Latin American reinsurance market. 

“This will support Lloyd’s in meeting the evolving needs of the region, while simultaneously strengthening our relationships with local insurers, retail brokers and reinsurers.”