The first ever insurance-linked securities (ILS) issuance in Brazil has been completed today, as local reinsurance firm IRB (Re) sponsored the issuance of a R$33.7 million deal to securitize surety bond risks, using its Andrina Special Purpose Insurance Entity (SSPE).
IRB (Re) had what was the first insurance-linked securities (ILS) structure authorised in Brazil by the regulator SUSEP back in December 2024, Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Entity.
Now the Andrina ILS structure has been utilised for the first time, to securitize insurance risks and issue ILS to be sold to investors in this landmark deal.
FULL ORIGINAL PUBLICATION HERE