Insurance
Home›Insurance›Industry & Deals›IRB (Re) renames Andrina SSPE to align with group brand
IRB (Re) renames Andrina SSPE to align with group brand
The rebranding follows IRB (Re) risk cessions to Andrina that were financed via R$33.7 million of Brazilian insurance risk letters, first used in May 2025.
IRB (Re), the Brazilian reinsurance company, has renamed its special purpose insurer and issuer of Letra de Risco de Seguro, now bringing the entity under the IRB (SSPE) group branding. The move is intended to align the SSPE structure used for insurance-linked securities with the wider company name, according to Artemis.
Under Brazil’s Sociedades Seguradoras de Propósito Específico regulations, IRB (Re)’s SSPE structures are designed for issuing and transacting Letra de Risco de Seguro, an insurance risk letter type of ILS security that can be sold to capital market investors to collateralize insurance or reinsurance arrangements.
Artemis reports that IRB (Re) was the first sponsor to have an ILS structure authorized in Brazil by regulator SUSEP in December 2024, using Andrina for the first time in May 2025. In that landmark deal, IRB (Re) ceded certain risks from its surety bond portfolio to Andrina, which were financed through issuance of LRS in the local market totaling R$33.7 million, about US$6 million.
Artemis also notes that activity in Brazil’s LRS and ILS marketplace has continued since IRB (Re) began the pathway, with other SSPE issuers including Galapagos Capital completing multiple LRS offerings later in 2025 and 2026. The outlet says the rebrand is part of IRB (Re)’s emphasis on capital markets investor support as a lever for its reinsurance business.