The insurance regulator admitted the entry of a new global reinsurer to compete in the local market.
The National Insurance Superintendency (SSN) authorized this Monday, through Resolution 146/2024 that was published in the Official Gazette, the company XL RE EUROPE SEa reinsurer with presence throughout the world, to operate as a reinsurer admitted in the country.
XL Re Europe Ltd. is a company that provides reinsurance services. The company offers property reinsurance products, accidents, maritime, aviation and space.
A weak reinsurance market
Argentina is a market of little significance at a global level and many reinsurers withdrew to pay contributions over time due to existing difficulties. It has a greater concentration in local reinsurers each time because those admitted do not bet on the local.
And the concern was further aggravated by the devaluation, which increased costs in the domestic and foreign markets. Thus, technical results are today a very strong concern in Argentine insurance and reinsurance support tends to become an increasingly burdensome and difficult cost to achieve due to the risks that Argentina represents for the outside world.
However, the arrival of A new insurer is good news for the solvency of the insurance sector forward.
Source: Ambito
