Following the completion of Brazil’s first-ever insurance-linked securities (ILS) issuance earlier this year, analysts at Fitch Ratings have highlighted how the country’s ILS framework marks the beginning of a new chapter for its re/insurance market.
Back in May, Brazilian reinsurer IRB (Re), via its wholly owned subsidiary, Andrina Special Purpose Insurance Entity (SSPE) sponsored the country’s first ILS transaction, a R$33.7 million transaction covering risks related to the reinsurer’s surety bond portfolio.
Recall that IRB (Re) had what was the first insurance-linked securities (ILS) structure authorised in Brazil by the country’s insurance regulator SUSEP, back in December 2024, Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Entity.
FULL ORIGINAL PUBLICATION HERE