Coface, the French credit insurance specialist, has reduced its exposure to Brazil by 15% to US$1.08bn, daily Valor Economico reported.
In Brazil, the company insures export credit through a joint venture with local insurers Bradesco Seguros, Sul America, Minas Brasil, Unibanco AIG and federal banks Banco do Brasil and BNDES.
"In 2003 we expect to get back to the level of exposure we had in 2001, but we depend on international reinsurers," Coface Brazil CEO Daniel Boulet was quoted as saying.
Coface reinsures all of its risk in Brazil and since the September 11 attacks foreign reinsurers have avoided exposure to emerging markets.
Source: Business News Americas
