IRB Brasil Re () announced this Wednesday, 3rd, that it created two insurance companies, called IRB Corporate Seguradora SA and IRB Vida e Previdência Seguradora SA According to a statement to the market sent to the Securities and Exchange Commission (CVM), the companies will carry out insurance operations in the damage (P&C) lines and carry out insurance operations in the personal and private pension (Life) lines, respectively.
According to the reinsurer, once the turnaround process has been completed, the creation of new insurers is part of the company’s diversification and expansion strategy, without interfering in the conduct of its original business, which is to provide reinsurance to cedents in Brazilian territory.
“With this new step, IRB(Re) will operate directly in the insurance market, expanding its potential revenue origination base, capturing the synergies arising from integrated operations between the insurance and reinsurance arms, and aligning itself with the trend of groups that operate simultaneously in these two markets”, says IRB.
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Prior authorization for the establishment of such insurance companies has already been granted by the Private Insurance Superintendence (Susep), with definitive approval by the authority to begin operations pending.
