IRB (Re), the Brazilian reinsurance company, has renamed its special purpose insurer and issuer of Letra de Risco de Seguro, the local brand of insurance-linked securities, to align it with the group name, now becoming IRB (SSPE).
IRB (Re) was the first sponsor of a structure under Brazil’s Sociedades Seguradoras de Propósito Específico (SSPE) regulations.
These special purpose insurance entities (SSPE’s) are the structures designed for issuance and transacting in Letra de Risco de Seguro, or Insurance Risk Letters, which are a type of ILS security or note, that can be sold to capital market investors, to collateralize insurance or reinsurance arrangements.
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