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Party poopers

Talk about a rude interruption to proceedings that, until recently, were going swimmingly. Brazil's reinsurance market, which offered such great potential, had for a long time been a frustrating closed shop run by the state-backed reinsurer IRB Brasil Re.

The international direct and facultative (D&F) market, which for years had generated extremely good working relationships with many of its neighbours, could only look on longingly at the wonderful prospects that Brazil had to offer and hope that one...

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