AM Best removes review and affirms financial strength rating of Brazil’s IRB
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AM Best removes review and affirms financial strength rating of Brazil’s IRB

IRB Brasil Re Sao Paulo.jpg

AM Best has removed from under review with negative implications and affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of ‘a-’ (excellent) of IRB-Brasil Resseguros (IRB).

The outlook changes come after the embattled carrier raised 1.2bn Brazilian reals ($230.5mn) in a restricted share offering to address capital-structure issues.

AM

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