Brazilian reinsurers post higher profits
The profits of reinsurers operating in Brazil rose 17% in the first quarter of this year.
Earnings totaled 303mn reais (US$78mn), up from 259mn reais in 1Q17.
Most of the profits (254mn reais) were generated by market leader IRB-Brasil Resseguros, according to a report from local reinsurer Terra Brasis.
Rodrigo Botti, president of Terra Brasis, said the results were positive but warned of market volatility in the coming months.
The reinsurance sector's annualized ROE rose to 16.5% in the first quarter from 14.9% in the same period of 2017.
The amount of insurance premiums ceded to reinsurers in Brazil was 11bn reais in the 12 months through March, up 4.44%, while the average loss ratio of the reinsurers climbed to 57% from 56% in the 12-month period.
Total assets in the sector increased 7% in the 12 months, to 29.3bn reais at end-March.
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