Brazilian reinsurer IRB Brasil Re has announced the appointment of Raphael Afonso Godinho de Carvalho as its new Chief Executive Officer (CEO), effective October 1st, 2021.
Carvalho takes over from Wilson Toneto, who has held the CEO role in the interim since March 2021 and who will remain as Chief Technical and Operations Officer.
The reinsurer says that the appointment of its new CEO is the next phase in its restructuring and transformation process.
IRB Brasil Re announced back in January that it had appointed a global business management consulting firm to assist in a strategic review, designed to strengthen the reinsurer’s strategic, operational, and financial transformation.
Some months later, Brazil’s insurance regulator, SUSEP, ended its year-long special inspection of IRB Brasil Re, which commenced amid concerns the reinsurer lacked sufficient reserves, after the company reinstated earnings and noted accounting issues.
New CEO Carvalho takes office from the start of October with a term unified with the other members of the firm’s Statutory Executive Officers until July 2nd, 2023.
“The election of Mr. Raphael de Carvalho was preceded by a broad, deep and detailed selection
process, with the assistance of a renowned specialized consulting company in the market. Mr.
Raphael de Carvalho has large experience in the financial and insurance markets, with a career
of over 30 years in large institutions,” explains the company.
Carvalho joins IRB Brasil Re from insurer MetLife, where for the past six and a half years, he served as CEO of the company in Brazil and Colombia.
Earlier in his career, he worked as Visa’s Country Manager for Latin America and the Caribbean and lead partner at Accenture’s Insurance Practice Consultancy.
“The Company thanks Mr. Wilson Toneto for his dedication throughout the period in which he held the position of Interim Chief Executive Officer and takes this opportunity to welcome the new Chief Executive Officer of IRB Brasil RE,” says the firm.