IRB Brasil Re continues management shake-up with ex-Mapfre Brasil CEO hire

Brazil's major reinsurer IRB Brasil Resseguros SA has hired former Mapfre Brasil CEO Wilson Toneto amid a major  management reshuffle that saw its  CEO and CFO leaving the company earlier this month.

Toneto will replace risk and compliance executive vice president Lucia Maria da Silva Valle who has "unanimously" agreed with the company's board of directors to leave the position.

Toneto was administration, controlling and finance vice president of Mapfre Group, having assumed the position of CEO of Mapfre Brasil in 2011. He was also chairman of the board of directors of Grupo Segurador BB and Mapfre and member of the Global Executive Committee of Mapfre Group.

Toneto will leave the board of directors of Seguradora Líder, as well as other Consulting Boards in which he was a member, in order to assume his new position at IRB Brasil Re.

Additionally, the company's board has allowed Werner Romera Süffert to assume the position of finance and investor relations executive vice president of IRB Brasil Re, for which he had already been elected on March 4th, 2020.

Earlier this month, AM Best placed under review with negative implications the financial strength rating of A (Excellent) of IRB Brasil Re over concerns about effective governance after the departures of two key executives.

The company has elected Antônio Cássio dos Santos as chairman of the board of directors and interim chief executive officer (CEO) of the company until it finds a permanent replacement.