Reinsurance News

IRB Brasil Re Board members resign amid “serious impacts” of COVID-19 crisis

22nd April 2020 - Author: Luke Gallin

Rio de Janeiro headquartered reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has announced that certain members of its Board of Directors have resigned amid the impacts of the COVID-19 coronavirus pandemic.

irb brasil reOn April 20th, 2020 the reinsurer received the resignations of Vinicius Jose Almeida Albernaz and Alexsandro Broedel Lopes from their roles as effective members of the Board, and also the resignations of Ivan Luiz Gontijo and Osvaldo do Nascimento to their positions of alternative members of the IRB Brasil Re Board.

“Such resignations are motivated by the serious impacts of the crisis caused by the COVID-19 pandemic on the markets in general, which demand the dedication of such executives to their other positions and do not allow, in this exceptional moment, that they have the necessary availability to stay in the positions previously held at the Company,” explains the company.

The reinsurer has extended its sincere thanks to the four Board members, noting their contribution to the reconfiguration of the new Statutory Executive Officers, as well as the process of identifying and selecting new candidates for the company’s Board.

With the assistance of specialist firm Korn Ferry, IRB Brasil Re has selected a number of candidates to fill the roles left by the four resignations, including: Regina Nunes, founding partner of RNA Capital and previous CEO in Brazil and Argentina for S&P Global Ratings; Ivan Passos, previously Executive Director of MDS Corretora de Seguros and of Herco Consultoria, Representative Officer Brazil for Hannover Re; Henrique Luz, former PwC senior partner and Vice President and; Marcos Falcao, previously a partner and CEO of BRZ Investimentos, and CEO of Icatu Hartford.

“Finally, the Company announces that it will call, shortly, an Extraordinary General Meeting in order to recompose the Board of Directors, according to art. 23 of its Bylaws, when it will disclose the complete resumes of the candidates named above, together with the other pertinent information provided for in the current rules,” says IRB Brasil Re.

Last month, the company announced that its Board of Directors voted to elect the reinsurer’s Chairman, Antonio Cassio dos Santos, as interim Chief Executive Officer (CEO) of the company.

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