Speaking at a Fitch Ratings event on the development of insurance-linked securities (ILS) in Brazil, Rodrigo Botti, former CFO of IRB and former CEO of Terra Brasis, emphasised a domestic market-first approach, with no intention of competing with other established ILS hubs.
According to Botti, the ILS approach taken by Brazil focuses on aligning regulations with global market standards, mirroring international practices while remaining within the framework of Brazilian regulations and avoiding unnecessary reinvention.
In line with this strategy, Artemis recently learned from a report that one of the first ILS structures under Brazil’s regulations for “Letra de Risco de Seguro”, or Letter of Insurance Risk, might be named Andrina Seguros and could be sponsored by the local reinsurance company IRB RE.
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