Best’s News & Research Service - August 25, 2022 08:24 AM (EDT)
AM Best Places Credit Ratings of IRB-Brasil Resseguros S.A. Under Review With Negative Implications
- August 25, 2022 08:24 AM (EDT)
Oldwick //BestWire// - 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.
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