The reinsurer sponsored a securitization of surety bond risks through Andrina SSPE
IRB (Re) sponsors first ILS issuance in Brazil | | | IRB (Re) sponsors first ILS in Brazil, R$33.7m Andrina surety bond risk securitization  The first ever insurance-linked securities (ILS) issuance in Brazil has been completed today, as local reinsurance firm IRB (Re) sponsored the issuance of a R$33.7 million deal to securitize surety bond risks, using its Andrina Special Purpose Insurance Entity (SSPE). The ILS regulations in Brazil allow for the structures known as Sociedades Seguradoras de Propósito Específico (SSPE) to issue Letra de Risco de Seguro (Insurance Risk Letters) as a type of ILS note that can be sold to capital market investors, to collateralize insurance or reinsurance arrangements. IRB (Re) ceded certain risks from its surety bond portfolio to Andrina SSPE, which were then financed through the issuance of LRS' (ILS) in the local capital market. Read the full story. Other articles: | | | | | | Please share this with colleagues and friends if you think they would like to receive it.
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