IRB (Re) renames special purpose insurer and LRS issuer Andrina, to become IRB (SSPE)

IRB (Re), the Brazilian reinsurance company, has renamed its special purpose insurer and issuer of Letra de Risco de Seguro, the local brand of insurance-linked securities, to align it with the group name, now becoming IRB (SSPE).

IRB (Re) was the first sponsor of a structure under Brazil’s Sociedades Seguradoras de Propósito Específico (SSPE) regulations.

These special purpose insurance entities (SSPE’s) are the structures designed for issuance and transacting in Letra de Risco de Seguro, or Insurance Risk Letters, which are a type of ILS security or note, that can be sold to capital market investors, to collateralize insurance or reinsurance arrangements.

IRB (Re) was the first sponsor to have its own insurance-linked securities (ILS) structure authorised in Brazil by the regulator SUSEP back in December 2024.

Andrina Sociedade Seguradora de Propósito Específico, Andrina SSPE or Andrina Special Purpose Insurance Entity, was utilised for the first time in May 2025, to securitize insurance risks and issue ILS to be sold to investors in a landmark deal.

IRB (Re) ceded certain risks from its surety bond portfolio to Andrina SSPE, which were then financed through the issuance of LRS’ (ILS) in the local capital market, to the tune of R$33.7 million (approximately US $6 million).

That deal marked the first ever insurance-linked securities (ILS) issuance in Brazil under its own-brand LRS regulations, paving the way for others to come to market, which we’ve subsequently seen as activity picked up.

Now, demonstrating that it sees the use of capital markets investor support for its reinsurance business as an important lever, IRB (Re) has now rebranded Andrina to bring it into line with the group.

Andrina is now called IRB (SSPE), on which the reinsurance company stated, “The essence remains the same and the new name, in addition to strengthening our protection ecosystem, reinforces our commitment to offering integrated solutions.”

Since IRB (Re) kick-started the Brazilian ILS / LRS marketplace with its first issuance under what is now called IRB (SSPE), activity has continued as the market gained traction.

Later in 2025, Gálapagos Capital SSPE, owned by global investment company Galapagos Capital, completed its R$100 million first LRS issuance in December 2025.

Galapagos Capital, using its SSPE again, issued its second arrangement under the Brazilian insurance-linked securities regime in early 2026.

Then in May 2026, Galapagos Capital facilitated its third issuance under its SSPE, a R$126 million offering of LRS which was the first broadly distributed LRS arrangement since Brazil put its own ILS regulations into law and activity commenced in the country.

In addition, also in May this year, a new issuer, Ariel SSPE, was established in Brazil to target this now growing domestic Brazil ILS marketplace.

The LRS regulations have gained traction and we expect over-time to see the use of an ILS like instrument to tap into capital market investor appetite for insurance and reinsurance risk-linked returns will continue to expand in Brazil.

You can find all our coverage of Brazil’s ILS regime under this archive.