Brazilian Reinsurer Terra Brasis Enters Colombian Market
Superfinanciera, the Colombian regulator of insurance activities, has given Brazilian Reinsurance provider Terra Brasis Re authorization to enter the Colombian insurance market as a foreign reinsurer, as registered in Colombia’s REACOEX, or Registry of Foreign Reinsurers and Brokers – Registro de Reaseguradores y Corredores del Exterior in Spanish.
Terra Brasis Re has announced plans to expand into Colombia as part of an overall growth strategy throughout Latin America. With this move, Terra Brasis joins the majority, almost 60%, of foreign based insurance companies operating in Colombia.
Colombia’s growth in insurance premiums is slowing, which is good news for the Colombian policy holder. The market, just over $4 billion USD for property and casualty lines