The Brazilian insurance regulator, Superintendence of Private Insurance (SUSEP), has approved the country’s first insurance-linked securities (ILS) structure, Andrina, sponsored by IRB Re.
The authorisation allows Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Company, to issue Letra de Risco de Seguro (Insurance Risk Letters), the designated term for insurance-linked notes in Brazil.
This milestone comes after years of collaboration between insurance, reinsurance, legal, and capital market experts and the Brazilian regulator to develop a framework tailored to the needs of the local market.
As Reinsurance News understands, the ultimate goal is to open access to capital markets for reinsurance capacity while establishing a structure that appeals to both international and domestic investors in Brazil.
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