reinsurer, Instituto de Resseguros do Brazil (IRB).

XL became one of the first companies to enter the sprawling, but previously closed, market when it participated in an all risk property programme for a Brazilian steel giant, Usiminas.

In the Usiminas cover, IRB took 25 percent proportionally and left the remainder of the programme to be placed in the international market. XL led the second layer of the programme, effectively setting the price. XL Insurance vice president, underwriting, Bob Klepper said the deal is XL's first bound account in Brazil.

It was also the first time that the client had a hand in structuring the programme. In the past, it had always been more regulated by the insurance company and the IRB, which set the parameters.