Susep okays capital increases for Caixa, Tokio Marine, Virginia Surety

Brazil's insurance regulator Susep has approved another round of capital increases for several insurers, including Caixa Seguros and Tokio Marine, the regulator reported in government newspaper Diário Oficial da União. Susep allowed Caixa to up its capital by 400mn reais (US$172mn) for a total of 1bn reais, divided up into 16.9mn ordinary shares, the report said. Tokio Marine got the green light to increase its capital by 23.0mn reais to 249mn reais, made up of 1,072 ordinary shares. Virginia Surety, part of US-based Warranty Group, received approval to raise 11.0mn reais for a total of 55.0mn reais, divided into 631mn ordinary shares, according to the watchdog. The company was also authorized to operate in life in some regions of Brazil and in non-life in all the country. Susep began phasing in new risk-based solvency requirements in 2008, giving insurers until the end of 2011 to have 15mn reais in base capital and raise additional capital to a given percentage of written premiums based on the segment.