Reinsurance News
IRB Brasil Re
AM Best acknowledges improvements to IRB Brasil Re capital adequacy
29th November 2023
AM Best has affirmed the credit ratings of RB-Brasil Resseguros S.A. (IRB) and assigned a negative outlook, as the agency acknowledges the reinsurer’s capital adequacy improvements. IRB’s Financial Strength Rating is A- (Excellent) and its Long-Term Issuer Credit Rating is “a-” (Excellent). According to the announcement, these ratings reflect the reinsurer’s balance ... Read the full article
IRB (Re) posts underlying profit in Q2’23 vs year-ago loss
16th August 2023
Brazilian reinsurance company IRB (Re), which was formerly named IRB Brasil Re, has reported an underwriting profit of R$35.4 million for the second quarter of 2023, compared with an underwriting loss of R$661.0 million in the second quarter of 2022. The reinsurer posted a net income in Q2'23 of R$20.1 million, ... Read the full article
IRB Brasil Re names Mauricio Quintella as Chairman of Board of Directors
5th July 2023
IRB-Brasil Resseguros S.A. has received official communication sent by the Federal Union indicating that former Minister of State, Mauricio Quintella Malta Lessa, will assume the position of IRB Brasil Re Board of Directors Chairman. The Federal Union makes this move as the holder of the Golden Share, pursuant to Articles 8, ... Read the full article
IRB Brasil RE reports first underwriting profit in seven quarters
16th May 2023
Brazilian reinsurance company IRB Brasil RE has recorded a first-quarter of 2023 net profit of R$8.6 million, and an underwriting profit of R$3.7 million, the first positive one following seven quarters of losses. In 1Q 2022, IRB reported underwriting losses of R$96.4 million, a -103.9% difference compared to this year’s first ... Read the full article
IRB Brasil Re to compensate shareholders for false investment claims
26th April 2023
Brazilian reinsurance company IRB Brasil RE has entered into a non-prosecution agreement with the US Justice Department and agreed to pay $5 million in victim compensation to resolve the government’s investigation into a securities fraud scheme. The Justice Department claims the scheme aimed to fraudulently prop up IRB’s stock price by ... Read the full article
IRB Brasil RE reports R$630.3mn net loss in full-year results
9th March 2023
Brazilian reinsurance company IRB Brasil RE has recorded a net loss of R$630.3 million in its full-year results, compared to a net loss of R$682.7 million from 2021. At the same time, for Q4 22, the firm came close to reaching the break-even point, with a net loss of R$38.8 million, ... Read the full article
Falcão elected CEO of IRB Brasil Re as Carvalho resigns
17th November 2022
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 ... Read the full article
IRB Brasil Re posts R$299mn net loss in Q3
14th November 2022
Brazilian reinsurance company IRB Brasil Re has reported a net loss of R$299 million for the third quarter of 2022, compared to a net loss of R$156 million from the prior year quarter. The company’s net loss for the year-to-date currently stands at R$591.6 million compared to R$311.8 million from the ... Read the full article
AM Best removes IRB Brasil Re from under review with negative implications
10th October 2022
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 IRB Brasil Re. The outlook assigned to these Credit Ratings is negative. AM Best states that the ratings reflect IRB’s balance sheet strength, ... Read the full article
IRB Brasil Re completes capital raise
2nd September 2022
Brazilian reinsurer IRB Brasil Re has completed a successful capital raise through a new share offering. The development comes after months in which it was seeking to raise new capital following significant losses from crop failures and droughts. The firm was looking to bolster its capital levels and ensure its solvency ... Read the full article
IRB Brasil Re sells off Rio headquarters in capital drive
31st August 2022
Brazilian reinsurer IRB Brasil Re has sold off the building where its headquarters are currently located as part of its ongoing efforts to raise capital levels to a regulatory minimum. Last week, the reinsurer confirmed a new share offering as part of its capital drive following drought losses that resulted ... Read the full article
IRB Brasil Re confirms share offering
25th August 2022
Brazilian reinsurer IRB Brasil Re has announced a new share offering as the company looks to raise its capital level to meet the minimum requirements of local regulators after drought losses drove a large underwriting loss in the second quarter. It was reported in mid-August that IRB Brasil Re was ... Read the full article
IRB Brasil Re execs say crop losses have exceeded retro limits
17th August 2022
The performance of Brazilian reinsurer IRB Brasil Re in Q2 2022 was negatively impacted by the severe drought in the southern part of the country, leading the firm to exceed the limits of its retrocession protection. Yesterday, the company announced an underwriting loss of R$661.0 million (USD 129.1m) for the ... Read the full article
IRB Brasil Re posts R$661m underwriting loss
16th August 2022
Brazilian reinsurance company IRB Brasil Re has reported an underwriting loss of R$661.0 million (US $129.1 million) for the second quarter of 2022 as drought losses hit its agriculture business. The announcement comes just ones day after reports suggested the company is looking to raise close to $300 million via ... Read the full article
IRB Brasil Re set to raise new equity capital: Report
15th August 2022
Brazilian reinsurance company IRB Brasil Re is reportedly set to announce a new share offering, as it seeks to raise close to US $300 million. First reported by Brazil Journal, the reinsurer is said to be preparing the share offering in response to having fallen out of compliance with the local ... Read the full article