The Lloyd’s of London insurance market reports that the UK’s Chancellor of the Exchequer George Osborne announced on a trip to Brazil that Bermuda-based Hiscox has joined the Lloyd’s Brazil reinsurance platform.

Other Bermuda-connected companies with ‘liaison offices’ on the Lloyd’s platform in the South American nation include Ace, Argo, Catlin and Markel.

The Lloyd’s News and Insight story stated: “The Chancellor is currently in Brazil to push the UK’s export message and visited Lloyd’s Rio de Janeiro headquarters to meet with leading members of the Brazilian insurance sector to discuss key issues facing the industry,” while adding that among those meeting the Chancellor was Lloyd’s director of international markets, Vincent Vandendael, president of Lloyd’s Brazil, Marco Castro and Henrique Meirelles, who is a nominated member of the Council of Lloyd’s.

The Chancellor is quoted as saying: “This is excellent news for Lloyd’s, as it provides additional capacity for growth in Brazil, and for Hiscox. It also demonstrates the dynamism of the UK insurance industry and its ability to meet the needs of new markets. It is another example of a British firm taking the lead in the global race.”

Hiscox, a major player in the Lloyd’s market in London, redomiciled from the UK to Bermuda in 2006 and its headquareters is at Wessex House, on Reid Street, Hamilton.

Mr Vandendael said: “It’s an honour to welcome the Chancellor to Lloyd’s Brazil office. Today’s announcement is another positive development for Lloyd’s in Brazil, and is a great example of how Lloyd’s expertise is recognised around the globe. This is a welcome step as we continue to make progress towards realising our international growth strategy, Vision 2025.”

Lloyd’s stated that it was the first international reinsurer to receive authorisation to operate in Brazil following reforms to the market in 2008, and it is the second largest reinsurer with a market share of 12 percent.

Lloyd’s Brazil’s structure mirrors the unique market structure of Lloyd’s in London and, currently, ten managing agents have colocated ‘liaison offices’: ACE, ANV, Argo, Beazley, Catlin, Kiln, Liberty, Markel, Navigators, Starr and now Hiscox.

The story continued: “Lloyd’s has reaped the benefits of being onshore in Brazil. The ten managing agents with offices in Brazil have grown faster than those without — 112 percent average growth per year for those in Brazil compared with a Lloyd’s market overall average of 21 percent from 2008 to 2012.”

Useful websites: www.lloyds.com/brazil and www.lloyds.com/brazilmi