IRB Expects to Wrap Up Marine Insurance Contract in 10 Days

Brazil's federal reinsurer IRB-Brasil Re expects to sign a new reinsurance contract for ships and offshore oil platforms within the next 10 days, local financial daily Valor Economico reported.

The new marine contract will cover claims for the various sectors up to US$80mn, the daily said.

The reinsurer hired a broker consortium of Aon and Cooper Gay, which managed to reduce premiums charged by international reinsurers 20% to US$6.5mn compared to last year, the paper said, citing unnamed market sources.

IRB president Eduardo Nakao declined to discuss premiums, according to the daily.

IRB signed an aviation contract last month with US reinsurer Aon Re.

IRB is Latin America's largest reinsurer in terms of premiums and has a monopoly on all reinsurance contracts in Brazil, although it spreads the risk among different local and international brokers.

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