Brazilian reinsurer IRB Brasil Re has appointed a global business management consulting firm to assist in its strategic review.
The announcement comes after AM Best removed its ‘under review with negative implications’ status and will include an in-depth analysis of the current footprint per business line, geography and operating model.
The analysis will include a long-term view, in addition to developing plans for the implementation of this strategy.
Aiming to strengthen the insurer’s strategic, operational and financial transformation, this project will be coordinated by IRB Brasil RE’s Board of Directors and will be led by the Chairman of the Board, Antônio Cássio dos Santos.
This strategic review will focus on the transparency and quality of the information disclosed to our stakeholders, emphasising the importance and responsibilities of individuals and the group for achieving goals that will build the new IRB Brasil RE basis.
In December AM Best also affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of IRB, although the outlook of these ratings remains negative.
