Bermuda-based re/insurer Ariel Reinsurance Company Ltd. has announced the opening of a representative office in Rio de Janeiro, Brazil and its approval as an admitted reinsurer by the Brazilian insurance regulator, Superintendencia de Seguros Privados.

Ariel Re's Brazilian operations will initially be focused on surety and trade credit reinsurance, underwritten through its branch office in Zurich, Switzerland, and managed by Thomas Rothenberger.

"We are pleased to begin operations in Brazil, which is an important part of the Latin American market," said Mr. Rothenberger.

"We look forward to working with our customers to identify profitable business opportunities both within Brazil and throughout the region."

Tom Hulst, CEO of Ariel Re, said: "The establishment of a representative office and our admitted status demonstrates our commitment to building our operations in Brazil and is a further step in the development of our business throughout Latin America."