A reinsurer with headquarters in the United States has received official permission to act as an admitted life and personal insurance reinsurer in Brazil.
The reinsurer, Transamerica Reinsurance, Charlotte, N.C., a unit of Aegon N.V., The Hague, Netherlands, says it will conduct business in Brazil through Transamerica International Re (Bermuda) Ltd.
Transamerica Re hopes to participate in renewals that take place in Brazil in the first quarter of 2009, the company says.
Transamerica Re applied for admitted reinsurer status in Brazil in April.
The company established a consulting company in Brazil in 2006.