AM Best Places Credit Ratings of IRB-Brasil Resseguros S.A. Under Review With Negative Implications

OLDWICK, N.J.--()--AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of IRB-Brasil Resseguros S.A. (IRB) (Rio de Janeiro, Brazil).

IRB’s second-quarter 2022 results, published on Aug. 16, 2022, reported a deterioration of its risk-adjusted capitalization at June 30, 2022. IRB also issued a material fact at that time stating that it is considering several capital solutions to cure the capital shortfall. AM Best will extend IRB a reasonable period of time to execute a credible capital plan, after which point it will resolve the under review with negative implications status on its ratings. If additional deterioration, or improvement, of risk-adjusted capitalization and/or operating performance occurs within the under review period, additional rating actions could ensue.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Guilherme Monteiro Simoes
Senior Financial Analyst
+1 908 439 2200, ext. 5301
guy.simoes@ambest.com

Steven Chirico, CPA
Director
+1 908 439 2200, ext. 508
steven.chirico@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Contacts

Guilherme Monteiro Simoes
Senior Financial Analyst
+1 908 439 2200, ext. 5301
guy.simoes@ambest.com

Steven Chirico, CPA
Director
+1 908 439 2200, ext. 508
steven.chirico@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com