Thu May 22, 2014 8:12am

 Susep, Brazil's insurance industry regulator, on Thursday issued a license allowing  () to operate in the country as "eventual reinsurer."

The license permits reinsurers domiciled in a foreign country to operate in  without a representative office in the country. According to the government's official gazette, Berkshire's U.K.-based unit,  International Insurance Ltd, will be granted the license. Berkshire is controlled by U.S. billionaire .

In , there are three classes of reinsurers - local, admitted and eventual. According to current industry rules, eventual reinsurers must have minimum global net assets of $150 million, be rated a notch above the minimum investment-grade ranking by a major credit rating company and have its headquarters based outside a tax-haven country.