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State insurer plan negative for Brazil market
19 July 2010
The Brazilian government’s plan to create a state-owned insurer would be a negative credit development for some of Brazil’s private market insurers and could have negative implications for the insurance market’s development.
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Empresa Brasileira de Seguros
moody's
The Brazilian government’s plan to create a state-owned insurer, Empresa Brasileira de Seguros (EBS), would be a negative credit development for some of Brazil’s private market insurers and could have negative implications for the insurance market’s development, according to rating agency Moody’s.
The proposal states that EBS could function in any segment of the insurance market. However, in response to negative market reaction, the government has stated that the focus of the bill will be redirected, acknowledging that the insurer’s main objective is...
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