Brasil Re’s premiums fall 17% in 2023

Brazil-based reinsurer IRB Brasil Resseguros SA’s gross written premiums declined by 17% year-on-year to approximately $1.3 billion in 2023, Reinsurance News reported. The reinsurer’s combined ratio strengthened 28 percentage points to 109% in 2023. IRB Re posted an underwriting profit of approximately $31 million, compared to a loss of roughly $300 million reported in 2022.