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BTG Pactual launches Brazil insurance-linked structure to issue LRS notes
Brazil’s private insurance regulator, SUSEP, authorized BTG Pactual’s SSPE, capitalized at R$3,000,500, to issue insurance risk letters to investors.
BTG Pactual has established an insurance-linked securities structure in Brazil, BTG Pactual Sociedade Seguradora de Propósito Específico S.A., to issue Letras de Risco de Seguro, or insurance risk letters, according to Artemis.
The investment bank will use the SSPE vehicle to arrange and facilitate LRS issuances in Brazil, joining three other SSPE owners already operating in the market.
Artemis reports that SUSEP authorized the new BTG Pactual SSPE to conduct insurance, reinsurance, and retrocession business, and that it has initial share capital of R$3,000,500, made up of 3,000,500 ordinary, nominative and unnamed shares.
The article also notes that activity has been picking up in Brazil’s ILS market, with other SSPE structures including Andrina SSPE, originally linked to IRB (Re), and Gálapagos Capital SSPE, which completed a R$100 million first LRS issuance in December 2025.