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 completed issuance of the largest transaction under Brazil’s insurance-linked securities regime so far.
Gálapagos Capital SSPE has issued a R$126 million offering of LRS which is the first broadly distributed LRS arrangement since Brazil put its own ILS regulations into law and activity commenced in the country.
This particular transaction saw Gálapagos Capital collaborating with Avla Seguros, one of the top five financial lines insurance groups in Latin America.
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