Brazil-based reinsurer IRB Brasil Resseguros SA’s underwriting loss widened 96% year-on-year to 661 million Brazilian reais ($129 million) in the second quarter of the year due to losses in its agriculture insurance business driven by drought, Reinsurance News reported. The reinsurer’s overall written premiums also dropped almost 22% to approximately BRL1.7 billion, including a 42% decrease in premiums written outside of Brazil.
