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IRB Brasil Re

Brazilian regulator to end special inspection of IRB Brasil Re

7th April 2021

The Board of Directors of SUSEP, the Brazilian insurance regulator, has unanimously decided to end the special inspection of IRB Brasil Re it commenced in May of last year, the reinsurer has announced. Reports emerged towards the end of May 2020 that the Brazilian reinsurer was to be investigated by SUSEP ... Read the full article

IRB Brasil announces strategic review

6th January 2021

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 ... Read the full article

AM Best ends IRB Brasil Re review as management improves

10th December 2020

Am Best has removed IRB Brasil Re’s ‘under review with negative implications’ status following improvements in the company’s enterprise risk management (ERM) and underwriting practices. The rating agency also affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of IRB, although the outlook of ... Read the full article

IRB Brasil Re highlights performance recovery as loss narrows in Q3

4th November 2020

Brazilian reinsurer, IRB Brasil Re, has announced an improved performance for the third-quarter of 2020 when compared with the previous quarter, reporting a loss of R$229.8 million (USD 40mn) for Q3 versus a loss of R$685.1 million (USD 119mn) for Q2. The reinsurer notes that the improvement in its performance reflects ... Read the full article

IRB Brasil Re sinks to $125mn loss in Q2

1st September 2020

Brazilian reinsurer IRB Brasil Re recorded a net loss of $124.7 million in the second quarter of 2020, compared to a $72.3 million profit in the prior year quarter. The firm's combined ratio for the quarter stood at 167%, up from 84.7% in the prior year quarter. Written premium increased 8% year-over- year and ... Read the full article

IRB Brasil Re targets improved operational efficiency with Insurdata Portal

21st August 2020

Insurtech firm, Insurdata has announced that Brazilian reinsurer IRB Brasil Re will be using its Insuredata Portal. IRB Brasil Re will use the platform to create property geocode information across its global exposures. The company’s catastrophe modelling team will integrate the Portal into its daily risk assessment workflow, boosting the resolution of ... Read the full article

IRB Brasil Re raises $380m via share issuance

19th August 2020

Brazilian reinsurer IRB Brasil Re has successfully raised $380 million via an issuance of 300,083,857 common shares, in an effort to bolster liquidity margins and improve its cash position. After being installed in March 2020, IRB's new board had identified several indications that suggested that the fiscal year's opening balances in 2020 ... Read the full article

IRB Brasil Re gets favourable court decision in public civil action

24th July 2020

The São Paulo Court of Justice has ruled in favour of Brazilian reinsurer IRB Brasil Re in the public citizen suit filed against the company. It was decided that IRB proved “its economic capacity to face indemnities granted to shareholders” and, consequently, is no longer required to offer a guarantee in ... Read the full article

IRB announces $430mn capital raise

9th July 2020

Brazilian reinsurer IRB Brasil Re has announced that it plans to raise between 2.1 billion reais (US $392 million) and 2.3 billion reais ($430 million) to strengthen its capital structure and increase solvency. The company said last month that it was considering a potential capital raise, and had hired bankers ... Read the full article

IRB Brasil Re looks to expand Board; confirms new Reinsurance EVP

2nd July 2020

Brazilian reinsurer IRB-Brasil Resseguros S.A. (IRB Brasil Re), has announced Hugo Daniel Castillo as a candidate for the ninth member of the company's Board of Directors, and has also confirmed the appointment of Isabel Blázquez Solano as Reinsurance Executive Vice President. Castillo's appointment was confirmed recently by the company's management and ... Read the full article

IRB Brasil Re looking to raise capital

30th June 2020

Brazilian reinsurer IRB Brasil Re has revealed that it is looking into a potential capital raise to sure up its liquidity margin and improve its cash position. The company has hired bankers Banco Bradesco BBI SA and Banco Itaú BBA SA to structure the capital increase. The move comes in response to ... Read the full article

IRB Brasil investigation uncovers irregularities

26th June 2020

An internal investigation into Brazilian reinsurer IRB Brasil Re has uncovered irregularities in the payment of bonuses and the amount of shares offered in its February and March 2020 repurchase program. It was carried out alongside an independent investigation by KPMG Assessores Ltda. and Felsberg Advogados following a sudden drop in ... Read the full article

IRB Brasil Re again delays Q1 results, as court dispute intensifies

17th June 2020

Brazilian reinsurer IRB Brasil Re has again pushed back the release of its Q1 results, amid reports that the company must come up with 1 billion reais ($194 million) to settle a court dispute that arose after a drop in IRB’s share price earlier this year. Back in May, IRB ... Read the full article

IRB Brasil Re adds Cavalcante as senior advisor, chair of board

11th June 2020

Brazilian reinsurer IRB Brasil Re has announced the appointment of Cesar Cavalcante as direct advisor of the CEO and chairperson of the reinsurer's Board of Administration, Antônio Cássio dos Santos. Cavalcante brings more than 40 years in the insurance and reinsurance market. He has worked in projects at large companies in the ... Read the full article

AM Best downgrades credit ratings of IRB Brasil Re

1st June 2020

Global financial services ratings agency A.M. Best has downgraded the credit ratings of IRB Brasil Resseguros SA (IRB Brasil Re) and maintained the under review with negative implications status on these ratings. Specifically, A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer ... Read the full article

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