Brazil yet to deliver on promise to open market
Latin America's largest insurance market is still effectively closed to foreign reinsurers, despite five-year-old assurances that the state-run monopoly of IRB-Brasil Re would be opened to competition
It was all supposed to happen back in 1999. The financial world rubbed its hands together at the prospect of such a lucrative market being opened up.
More than $15m (£8m) of foreign capital flowed in
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