Brazil's major reinsurer picks new CEO from Metlife after management shake-up

Brazil's major reinsurer  IRB Brasil Re has appointed a new chief executive officer (CEO) as part of the company's ongoing restructuring and transformation process.

The company has elected Raphael Afonso Godinho de Carvalho as its new CEO following a "broad, deep and detailed" selection process.

The move follows recent high-level departures from the reinsurer's senior management due to governance issues, and significant changes to its board of directors. Earlier in June, the company faced a rating downgrade from AM Best due to concerns over its governance and risk management.

Carvalho will take office on October 1, with a term until July 2, 2023.

He has 30 years' experience in the financial and insurance markets. For the past six and a half years, Carvalho held the position of CEO of Metlife insurer for Brazil and Colombia. Prior to that, he was Visa's country manager for Latin America and the Caribbean and lead partner at Accenture's Insurance Practice consultancy. He also worked at Unibanco (where he was responsible for Fininvest, Unibanco Capitalização and Unicard), BTG, Nationwide Financial and Russell Reynolds.

Wilson Toneto, who held the position of interim CEO since March 2021 will remain as chief technical and operations officer.

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