XL joint-venture in Brazil

Latin America

XL Capital of Bermuda and Brazil’s second largest private bank, Banco Itau Holding Financeira, will form a joint venture insurance company to write property, casualty and specialty commercial insurance business in Brazil. The two groups, which will combine their existing commercial insurance businesses in the Brazilian market, signed a memorandum of understanding at the end of January. The new combined entity will be known as ITAU XL. Clive Tobin, chief executive of XL Insurance, said the new company will combine ITAU’s local knowledge and contacts with XL’s access to reinsurance capacity for large insurance risks.