Latin America

The most important Latin American markets for our company are Mexico, Argentina, Brazil, Colombia, Venezuela and Ecuador. Along with the writing of agricultural risks, catastrophe covers are especially interesting here. In the latter segment we generally achieved price increases of around 10%, with the exception of Mexico and Central America – where rates broadly held stable. In other property business and the casualty sector rates were steady, albeit on a level that was commensurate with the risks.

In Brazil we have maintained a representative office and operated as an “admitted reinsurer” since 2008. We were thus able to acquire additional market shares in the year under review, first and foremost in the casualty lines.

We boosted our premium volume from the Latin American markets in 2009, especially in casualty business which – with the exception of Argentina – was previously underrepresented in our portfolio. No major losses were incurred. All in all, we are thoroughly satisfied with the development of our business.