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Brazilian insurance regulator Susep has given the green light to reinsurance company Austral Participações em Resseguradoras to operate in the local market, a regulatory filing from Susep reads.
Susep also approved the company's change of name to Austral Resseguradora.
Austral will operate in the strictest of the legal categories for reinsurers under the law that opened the market in 2008, with 100mn reais (US$60.1mn) in capital.
Austral is controlled by investment and financial services firm Vinci Partners, which is in turn owned by former executives of local investment bank BTG Pactual. Austral's main shareholder is former BTG executive Gilberto Sayao da Silva, the filing reads.