The Brazilian insurance regulator SUSEP has now authorised the first insurance-linked securities (ILS) structure in the country, with Andrina sponsored by IRB Re and now approved to issue Letra de Risco de Seguro (Insurance Risk Letters), which is the name for the insurance-linked notes a Brazilian ILS structure can issue to be sold to investors.
As we’d reported previously, it was already known that the first ILS vehicle in Brazil was expected to be Andrina Seguros and that it would be sponsored by local reinsurance company IRB Re.
Now, the official authorisation from the government’s regulator has been announced, with Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Company, added to the register by the Superintendence of Private Insurance (SUSEP).
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