Ariel Sociedade Seguradora de Propósito Específico S.A. (Ariel SSPE) will be the third insurance-linked securities (ILS) structure in Brazil, harnessing the country’s regulations to become an independent issuer of Letra de Risco de Seguro (Insurance Risk Letters), Brazil’s own brand of ILS instrument.
Pre-authorisation approval has already been granted by the Superintendence of Private Insurance (SUSEP), Brazil’s regulator, we understand.
The structure then emerged in a notice posted in a daily newspaper, the Journal O Dia SP, giving readers a chance to raise any objections or request clarifications and documentation, a typical part of the regulatory process in the country.
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