Gálapagos Capital Sociedade Seguradora de Propósito Específico S.A., the Brazil based SSPE or special purpose reinsurance vehicle that can issue Letra de Risco de Seguro (Insurance Risk Letters) and is owned by global investment company Galapagos Capital, has now issued its second arrangement under the Brazilian insurance-linked securities regime.
Galapagos Capital was authorised by Brazil’s insurance regulator SUSEP to establish its own Sociedades Seguradoras de Propósito Específico (SSPE) back at the end of 2024.
The firm wanted to become the first independent manager to issue the Brazilian brand of insurance-linked securities (ILS), known as LRS or Letra de Risco de Seguro.
In late 2025, the first LRS transaction from the Galapagos Capital SSPE came to light.
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