IRB Brasil Re makes leadership change to boost risk & corporate governance

Brazil's major reinsurer IRB Brasil Re's  new management has appointed Carlos Guerra as general counsel & risk and corporate governance officer in a bid to strengthen the company’s  governance structure.

Earlier in June, ratings agency AM Best downgraded IRB Brasil Re's financial strength rating, citing concerns over its governance and risk management, after the reinsurer ousted its senior management, including CEO and CFO, following the Berkshire Hathaway controversy.

As a statutory executive officer, Guerra will join the team with the  newly-appointed interim CEO and chairman Antônio Cássio dos Santos, chief underwriting officer Isabel Blázquez Solano, CFO & IRO Werner Romera Süffert, and the current chief operations and actuarial officer Wilson Toneto, who previously served as risk and compliance officer.

Guerra will lead the reinsurer's institutional relations VP (nonstatutory), corporate risk, compliance and support to governance bodies. He will be responsible for the company’s legal director position as well.

In order to strengthen corporate governance, IRB said the compliance area will now report to the Ethics, Sustainability and Governance Committee; and corporate risks will be linked to the Risks and Solvency Committee.

Guerra has almost 30 years of experience in the legal, commercial, internal controls, financial, administrative and social security areas. He has worked at Seguradora Líder DPVAT as statutory investor relations officer; at Itaú Unibanco in the private pension area, and more recently at Prudential do Brasil as statutory senior vice president, responsible for the company's group life operation.