XL Group plc and its subsidiaries have announced that the XL group of companies has received prior approval from the Brazilian re/insurance regulator, Superintendencia de Seguros Privados (SUSEP), to set up an insurance operation in the country.On receipt of final regulatory approval, XL plans to open XL Seguros Brasil SA in Sao Paulo to offer a range of casualty, property, professional and speciality insurance products. This operation will expand XL’s capabilities in Brazil, where its reinsurance segment has operated for more than one decade.XL chief executive officer Mike McGavick, said: “The Brazilian contribution to the global economy continues to grow and will only become more central to our clients’ goals. We look forward to expanding our offerings in the country and helping the development of the local and regional marketplace.“At XL we are continually focused on the rate of change, the increasingly interconnected world and the need to help our clients advance wherever their business occurs.“Of the approximately 1,700 global programmes we participate in, more than 30 percent have at least one policy in Latin America, and we are committed to building out our regional presence.“We will continue to work closely with SUSEP and prepare for the full opening of our insurance operations including the recruitment of additional underwriters and support teams.”