LONDON (Alliance News) - Venture capitalist BP Marsh & Partners PLC Tuesday said that a Lloyd's of London broker in which it has a 37.94% stake has received the licences it requires to begin trading in its newly opened office in Rio de Janeiro, Brazil.
Besso Insurance Group Ltd will be providing a range of products, including directors and officers liability insurance, marine, and specialist reinsurance products to its clients in Brazil.
The investee has recruited Frederico Casal-Ribeiro from insurance broker Dynamix Seguros, a company he founded. He has previously held positions at MII Capital, AIG and Lagos Sports.
"Brazil is currently going through a period of immense growth and development, and at this exciting time a multitude of opportunities continue to surface. We felt this was the perfect time to capitalise on such opportunities, especially when having a local presence will ensure that we provide our clients in South America with a much better service," Besso Chief Executive and Chairman Colin Bird said in a statement.
"We consider Rio de Janeiro to be the hub of reinsurance activity in Brazil, and we are looking forward to being part of it," Bird added.
B.P. Marsh & Partners shares were Tuesday quoted at 147.2 pence, down 1.5%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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B.p Marsh (BPM)