Cambiaso Risso Group enters Brazil through joint venture with Korsa Riscos & Seguros, targeting expansion across Latin America

One of the leading global brokers specializing in marine and naval risks enters the Brazilian market through a partnership with a Brazilian company, focusing on the maritime, naval, port, and oil and gas sectors.

Cambiaso Risso, an international group specializing in marine and naval insurance and risk management, officially began operations in Brazil signing today a joint venture with Brazilian company Korsa Riscos & Seguros. The partnership will establish CR Korsa Brasil.

With more than 80 years of experience, Cambiaso Risso has an international presence in 11 countries, consolidating a global operation with an absolute focus on marine and naval risks. The group currently has approximately 13,000 vessels in its client portfolio and more than 500 superyachts insured, in addition to its expertise in insurance, reinsurance, P&I (Protection and Indemnity), risk management, and claims.

The new company will be 51% owned by Cambiaso Risso and 49% by Korsa, with the aim of expanding the international group’s presence in the Brazilian market and, from Brazil, pursuing opportunities in other Latin American markets. The new operation expects to reach revenues of US$10 million from 2028 onwards.

James Theodoro, the current CEO of Korsa Riscos & Seguros, will serve as CEO of CR Korsa Brasil and will lead the new operation in the country.

Rio de Janeiro as the starting point

The company’s areas of operation will include maritime transportation, hull and machinery, liability, ports, shipbuilding and ship repair, offshore operations, oil and gas, energy, superyachts, cargo, and P&I (Protection and Indemnity). CR Korsa Brasil will also have a strong focus on projects related to the expansion of Brazil’s maritime, port, and offshore infrastructure.

Headquartered in Rio de Janeiro, one of Brazil’s key maritime clusters, the new operation will serve markets across the Southeast, North, and Northeast regions, with no restrictions based on client size. The company will serve businesses in the maritime, naval, port, offshore, and oil and gas sectors, among others.

The company’s entry into Brazil comes at a time of growing activity across the blue economy, shipbuilding industry, oil and gas exploration, port infrastructure, and maritime logistics. According to estimates by the new operation, the Brazilian insurance market related to the maritime, naval, port, and offshore sectors generated approximately R$2.5 billion in premiums placed in 2025.

The joint venture combines Cambiaso Risso’s international capabilities and expertise with Korsa’s knowledge and network in the Brazilian market. Founded in 1994, Korsa is an independent insurance broker with specialized expertise in transportation, logistics, and foreign trade (Comex). The company will now benefit from Cambiaso Risso’s international capabilities in insurance, reinsurance, P&I (Protection and Indemnity), and claims.

“Beyond the consolidated position as global Hull leader and growing player in P&I, Latin America give us the opportunity to expand in the other two pillars of our strategy such as Energy/Offshore and Reinsurance in close cooperation with our London and Scandinavian offices” stated Mauro Iguera, Cambiaso Risso Group’s CEO.

One of the key differentiators of the new operation will be its access to international markets. Cambiaso Risso has an international network of operations and specialists dedicated to the maritime sector, including a team in London that will support the development of business originating in Brazil.

The new company’s proposition goes beyond traditional brokerage services, offering an integrated approach that includes insurance and reinsurance brokerage, risk consulting, claims consulting — including for companies that are not clients of the company — as well as risk management for port, maritime, and oil and gas clients, in addition to corporate benefits management, with a focus on health and quality of life.

Brazil as a platform for Latin America

In addition to serving the Brazilian market, the joint venture is expected to serve as a gateway for Cambiaso Risso’s expansion into other Latin American countries. The next markets are still under discussion, but countries with strong naval and maritime activity, such as Mexico, Chile, and Argentina, are among those naturally being considered by the company.

The strategy follows the expansion of several sectors of the Brazilian economy. Growth in oil and gas exploration, offshore activity, fleet construction and renewal, port development, and increased maritime cargo volumes are driving demand for specialized risk transfer and management solutions.

“Brazil brings together a very particular combination of opportunities. We have a significant oil and gas industry, a shipbuilding sector that is undergoing renewal, major port operations, and an extensive coastline. All of this is generating growing demand for sophisticated insurance and risk management solutions,” explains James.

The company also intends to contribute to the development of Brazil’s shipbuilding industry. For the new operation, insurance plays a strategic role by providing greater financial predictability to shipowners, shipyards, and investors, helping ensure that risks associated with the construction, operation, and maintenance of vessels are properly structured.

Rio de Janeiro as the company’s operational base

The decision to establish the new company in Rio de Janeiro is directly related to the concentration of companies and activities connected to the sectors that will be prioritized by the operation. The state occupies a central position in Brazil’s oil and gas industry and is home to important companies across the naval, maritime, port, and offshore sectors.

The initial structure will include five local professionals, in addition to integration with the approximately 500 employees across Cambiaso Risso and Korsa’s operations. Further hiring is expected in the coming months.

In addition to Rio de Janeiro, strategic markets include Santa Catarina, Rio Grande do Sul, and São Paulo, as well as regions such as Amazonas and Pará, due to the importance of river logistics operations, and the states along Brazil’s Equatorial Margin — Amapá, Pará, Piauí, Ceará, and Rio Grande do Norte — which are emerging as areas of opportunity for the oil and gas industry.

Cambiaso Risso’s arrival in Brazil reinforces the group’s international growth strategy and establishes the country as a new platform for the development of specialized insurance and risk management businesses focused on the maritime, naval, and energy sectors across Latin America.

About Korsa Riscos & Seguros

One of the country’s largest independent insurance brokers, Korsa has been operating for 32 years in the areas of corporate insurance, risk management, benefits program management, and logistics services. Headquartered in Rio de Janeiro, with offices in São Paulo, Paraná, and Santa Catarina, the company has a strong international presence, operating across more than 120 countries and combining in-depth knowledge of the Brazilian market with international expertise. Korsa specializes in customized solutions for the cargo transportation, warehousing, and foreign trade (COMEX) sectors.

 

About Cambiaso Risso Group

Founded in Genoa in 1946 today the group employes approximately 480 professionals across 17 offices, insuring about 13,000 vessels, for a total premium income of €1.1 billion and net revenue of € 110M as an aggregate of broking, consultancy, shipbroking, shipping and forwarding agency.