Brazil-based IRB Brasil Resseguros SA has completed the country’s first insurance-linked securities issuance, sponsoring a 33 million Brazilian real ($6 million) transaction through its Andrina Special Purpose Insurance Entity to securitize surety bond risks, Artemis reported. The deal, structured with Itaú Unibanco Holding SA and supported by government agencies and legal firms, enables local insurers to transfer risk to capital markets via insurance risk letters under Brazil’s new ILS regulations.
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