IRB (SSPE) Renamed
IRB (Re) renames special purpose insurer Andrina to IRB (SSPE)
IRB (Re), a Brazilian reinsurance company, has renamed its special purpose insurer Andrina to IRB (SSPE). According to the company, this change aims to align the entity with the group name.
Background
IRB (Re) was the first sponsor of a structure under Brazil's Sociedades Seguradoras de Propósito Específico (SSPE) regulations. These special purpose insurance entities are designed for issuance and transacting in Letra de Risco de Seguro, or Insurance Risk Letters, which are a type of insurance-linked securities (ILS) note.
ILS Issuances
Andrina Sociedade Seguradora de Propósito Específico, now IRB (SSPE), was first used in May 2025 to securitize insurance risks and issue ILS to investors. This deal marked the first ever ILS issuance in Brazil under its own-brand LRS regulations. Since then, activity has picked up, with other issuers entering the market. The following table summarizes some of the notable ILS issuances in Brazil:
| Issuer | Issuance Date | Amount |
|---|---|---|
| IRB (SSPE) | May 2025 | - |
| Gálapagos Capital SSPE | December 2025 | R$100 million |
| Gálapagos Capital SSPE | Early 2026 | - |
| Gálapagos Capital SSPE | May 2026 | R$126 million |
Market Expansion
The renaming of Andrina to IRB (SSPE) demonstrates the company's commitment to using capital markets investor support for its reinsurance business. As stated by IRB (Re), the new name strengthens their protection ecosystem and reinforces their commitment to offering integrated solutions. The Brazilian ILS market has gained traction, with new issuers entering the market, such as Ariel SSPE, which was established in May 2026 to target the domestic Brazil ILS marketplace.
Future Outlook
The LRS regulations have gained traction, and it is expected that the use of ILS-like instruments to tap into capital market investor appetite for insurance and reinsurance risk-linked returns will continue to expand in Brazil. As reported by Artemis, the source of this information, the Brazilian ILS regime is expected to see continued growth over time. The IRB (SSPE) renaming is a significant development in this growing market, and its impact will be closely watched by industry observers. IRB (Re) stated that the essence of IRB (SSPE) remains the same, and the new name reinforces their commitment to offering integrated solutions, a detail that highlights the company's focus on its reinsurance business.
