A.M. Best Revises Outlooks to Positive for IRB Brasil Resseguros S.A.
The ratings reflect IRB’s balance sheet strength, which
The revised outlooks to positive from stable are based on IRB’s enhanced financial flexibility after the IPO in the
IRB has generated very consistent overall earnings over recent years, driven by investment and underwriting income that are reflected in the company’s favorable return metrics. After
Despite the steady decrease in interest rates, IRB has managed to deliver superior investments returns, which are substantially higher in
Partially offsetting these positive rating factors is IRB’s exposure to concentration risks related to regulatory, macroeconomic and political dynamics, as well as its concentration of underwriting and investments in
Factors that could lead to a rating upgrade include successfully demonstrating the ability to operate in an evolving regulatory environment, an improvement in Brazil’s macroeconomic and political environment, and the successful implementation of the company’s international diversification plans while maintaining strong risk-adjusted capitalization and operating performance.
Rating factors that could lead to negative rating actions include a material decline in risk-adjusted capitalization or operating performance, the unsuccessful execution of the company’s international growth strategy or a downgrade in Brazil’s country risk tier.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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