Brazilian reinsurer IRB Brasil Re has announced the resignation of Raphael de Carvalho as its Chief Executive Officer (CEO) a little over a year on from his appointment.
In an extraordinary board meeting held on November 16th, 2022, the firm’s Board of Directors elected Marcos Pessoa de Queiroz Falcão as the new CEO of IRB Brasil Re and, on an interim basis, he will also assume the Chief Underwriting Officer (CUO) role.
Falcão took over as CEO of the reinsurer yesterday, with a mandate for the remaining office term, accumulating this position with the Board member position, until the date his successor is elected, explains the company.
Since May 2020, Falcão has acted as a Board of Directors member and Chair of the Investment Committee of the Company, having participated since the firm embarked on its turnaround process.
He brings vast experience in capital markets to the role, having served as Partner and CEO of firms in Icatu Group, including CEO and Board Member of Icatu Seguros and Partner and Executive Director of Banco Icatu.
“IRB Brasil RE records its gratitude to Mr. Raphael for his collaboration and for the work carried out during the time he held the position of the Company’s CEO,” said the reinsurer.
Earlier this week, the reinsurer reported a net loss of R$299 million for the third quarter of 2022.
The results follow a testing time for the carrier, which ultimately led to a successful capital raise through a new share offering as the firm looked to bolster its capital levels and ensure its solvency ratio is well above the minimum required levels.
The company also sold off the building where its headquarters are currently located as part of its ongoing efforts to raise capital levels.
In October, following the capital raise, AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of the company, although the outlook remains negative.
