The Bermuda-based Argo Group International Holdings announced that Pedro Purm Jr. has been selected to serve as CEO of its commercial property and casualty insurance operations in Brazil. He “will oversee the creation and operation of a new insurance company, located in São Paulo, which will operate in Brazil as an indirect subsidiary of Argo Group,” said the bulletin.
Argo Group President and CEO Mark E. Watson III noted Purm Jr’s experience, and indicated that, “expansion into the growing market of Brazil is a key component of our international strategy.”
Argo said its “product suite in Brazil will consist of a broad range of commercial property, casualty and specialty coverages including engineering, professional, energy, cargo, marine, surety and aviation insurance.”
The Group also announced that Jose Torres has joined the Brazilian operations of its Lloyd’s of London syndicate. He will “develop opportunities for Argo Group’s syndicate in the Brazilian marketplace, where Lloyd’s of London is licensed as an admitted reinsurer,” Argo said. Torres will be based in Rio de Janeiro in the offices of Lloyd’s in Brazil.
“We are pleased to have Jose and Argo Group join the growing number of syndicates at Lloyd’s in Brazil,” added Marco Castro, Lloyd’s
general representative and managing director for Brazil. “The development and growth of the Brazilian economy provide tremendous opportunities for reinsurers. Lloyd’s is pleased to expand the number of syndicates that can embrace these opportunities and develop business in this important market.”
Argo’s Group Director of Product Development Nigel Mortimer noted that with “our two operating platforms, we will have the ability to offer our clients access both as a direct insurer and through the reinsurance markets via our Syndicate at Lloyd’s.”
Purm joins Argo Group from Zurich Financial Services where he had been CEO of its Brazilian operations since 1994. Prior to joining Zurich, Purm held senior positions at Safra Financial Group and Citicorp Insurance Brokers. He holds a bachelor’s degree from Universidade de São Paulo and an MBA from Fundação Getúlio Vargas.
Purm joins Christoph Glatz who will serve as chief financial officer and chief operations officer for the new Brazilian insurance company. Argo observed that their appointments “as well as the licensing of the insurance company being established in Brazil, are subject to the approval of Brazil’s Superintendence of Private Insurance (SUSEP).”
Torres brings to Argo Group more than 30 years experience in underwriting and business development, much of this focused on the Latin America market. Most recently, as senior vice president at the Navigators Group, he led the company’s marine and energy underwriting activities in the Latin America region.
Source: Argo Group and Argo Brazil
Topics Excess Surplus Lloyd's
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