This study investigates the change-over from a closed monopolistic market to an open market for reinsurance in Brazil. The focus has been on premiums, as a price decrease was one of the most anticipated benefits of the new market structure. To compare the price of reinsurance across markets the Combined ratio has been used. When comparing Brazil to the Rest of the World, significantly lower Combined ratios have been observed for 2001 – 2007. In the period 2008 – 2010, after the opening, there seems to have been a convergence of the Combined ratios to world levels. This confirms that reinsurance prices were high in the past, and that a decrease in prices took place since the opening. However these conclusions should be treated with some caution as only 2,5 years of experience is available since the market opening and other factors could have been influencing the observed price development.