The 8th Reinsurance Congress has arrived. We started in 2011 with the enthusiasm of the years following the opening of the Brazilian reinsurance market.

We went through the editing of rules that undoubtedly transformed the preference of local reinsurers into reserve combined with the restriction on intra-group transactions.

A supposed change in course occurred when the reserve and the restriction on intra-group transactions were replaced by a confusing reserve system coupled with preference and increasing space for intra-group transactions.

The actual course change came with the return of preference as a single system and with the end of intra-group operations restrictions.

Then, together with Brazil, we entered the waiting period, waiting for the policy to settle.

We now have an opportunity.

We stabilize (as much as possible) the policy, with the real possibility of a return to growth, with the pension reform and the reduction of the state, including privatizations. There is also the announced goal of privileging legal certainty, something whose relevance seems at times underestimated, and which needs to involve the three powers.

In addition, we have adopted as a permanent agenda the fight against corruption, which, in addition to its ethical perspective (which must be experienced by everyone always, not only when we charge politicians honesty), sucks resources and delays our development. The effects of this change will come as well, not without steps ahead and behind and the frequent feeling that we are not leaving the place.

Reinsurance, insofar as it requires large risks, often associated with large projects which, in turn, depend on a positive outlook for the future, has everything to take a particularly intense recovery, which tends to be strong and lasting.

In this context, the Reinsurance Congress promotes exactly the exchange of ideas and the alignment of expectations, being sure that, in economic and social life, expectations are the brick of the future.

Good Congress to all!