IRB (Re) posts ekes out a profit after massive loss

Brazil-based reinsurance company IRB (Re), formerly known as IRB Brasil Re, has posted an underwriting profit of 35.4 million Brazilian real ($7.1 million) in the second quarter of this year, compared with an underwriting loss of $661 million in the year-ago comparative period, Reinsurance News reported. The reinsurer’s written premiums decreased by 17% year-on-year to BRL1.39 billion, including a 25% decrease in premiums written outside of Brazil.