Galapagos Capital has now received the expected official authorisation from Brazil’s insurance regulator SUSEP to establish its own Sociedades Seguradoras de Propósito Específico (SSPE), a special purpose reinsurance vehicle that can issue Letra de Risco de Seguro (Insurance Risk Letters), which are insurance-linked securities (ILS).
The move puts Galapagos Capital on track to achieve its goal of becoming the first independent manager to issue the Brazilian brand of insurance-linked securities (ILS).
As we reported just over one week ago, Galapagos Capital had received pre-authorisation from SUSEP to establish an issuer of Letra de Risco de Seguro (Insurance Risk Letters), Brazil’s own insurance-linked securities (ILS) structure.
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