Ariel · Special-Purpose Insurer · LRS · ILS

Capital markets
in service of protection.

Ariel will structure and issue Letras de Risco de Seguro (LRS) — Brazil's onshore equivalent of global Insurance Linked Securities (ILS). We will channel protection capacity from investors and deploy it to insurers, reinsurers, pension funds, and health plans, expanding Brazil's frontier of protection.

Learn about LRS → Talk to Ariel →
Differentials of Ariel SSPE

Four reasons
the thesis stands.

01

Reputation.

The team carries the deepest experience and most established reputation in the Brazilian (re)insurance market — built by people who have already structured the region's leading reinsurance and ILS transactions.

02

Independence.

Ariel is not affiliated with any insurance group, reinsurer, asset manager, or bank. Operation free of conflicts of interest, with no parallel agenda from the originator side.

03

Focus.

Structuring and issuing Letras de Risco de Seguro is all Ariel does. Absolute specialization — not a unit inside a larger entity, not a diversification across business lines.

04

Technology.

Digital-native platform. Lean, auditable operation, free from the operational legacy of traditional players — administration, custody, and reporting integrated from day one.

For whom

For investors

A new asset class.
Uncorrelated. Regulated.

Access to an asset class uncorrelated with traditional financial markets — returns tied to insurance risk, not the economic cycle. Onshore operation under the Brazilian regulatory framework.

Learn about LRS →
For cedents

Alternative capacity.
Through capital markets.

Access to alternative, diversified reinsurance capacity for insurers, reinsurers, pension funds, and health plans. Free up regulatory capital and transfer risk with the efficiency of the SSPE structure.

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The instrument

What is a Letra de Risco de Seguro.

The LRS is the instrument through which a cedent — insurer, reinsurer, pension fund, or health plan — can transfer a specific risk (a portfolio, a layer of exposure, an event) directly to capital markets.

The cedent pays a premium to the SSPE; investors contribute capital, fully collateralized in government securities; the SSPE pays returns to the investor while no covered loss occurs, and indemnifies the cedent should the event occur. The structure is established by Law 14,430/2022 and regulated by CNSP Resolutions 396 and 453.

Letra de Risco de Seguro flow The cedent pays a premium to Ariel SSPE; the investor contributes principal; funds are collateralized in government securities. CEDENT ARIEL SSPE INVESTOR premium for protection contracted principal investor contribution COLLATERAL · SEGREGATED CUSTODY government securities On a covered event, the SSPE indemnifies the cedent · No event, the investor receives principal and yield.
Why LRS, why now

Three forces are aligning
in Brazil.

01

Attractive return, uncorrelation
and stability.

Over more than two decades, the global ILS index has delivered an average annual return of around 7.5%, with 89.8% positive months and 3.6% annualized volatility — return comparable to equity markets and volatility close to fixed income, with low correlation against other financial markets. For the Brazilian investor, it is a new asset class uncorrelated with the local economic cycle.

02

Regulatory capital relief.

Under CNSP Resolution 432, an SSPE counterparty carries a credit risk factor up to 92% lower than that of an A-rated occasional reinsurer. For the ceding insurer, this translates into freed regulatory capital, more efficient allocation, and greater protection capacity over the same balance sheet.

03

Addressable market.

Estimated annual LRS issuance between BRL 30 and BRL 100 billion — comparable to the BRL 42bn of CRI and BRL 64bn of CRA issued in Brazil in 2024. LRS arrives in Brazilian capital markets as a new risk-securitization asset class, with depth to grow.

Ariel

Structure, governance,
operational discipline.

Structure
SSPE incorporated under the terms of Law 14,430/2022 and CNSP Resolution 453/2022, following the prior approval granted by the Superintendência de Seguros Privados — SUSEP in December 2025. The full operating authorization is currently in the final approval phase before the same authority.
Governance
Independent administration, risk committee, and external audit in scope from the first issuance.
Segregated assets
Funds collateralized in government securities, custody by an independent financial institution, and patrimonial segregation by issuance.
Distribution
Notes distributed exclusively to professional investors under CVM Resolution 160.
Operations
Lean team. Pipeline focused on structured transactions with Brazilian and regional cedents — insurers, reinsurers, pension funds, and health plans — across agribusiness, property, catastrophe, and parametrizable risks.
Team

Built by people
who have built before.

Aline Meza

Co-founder · Executive

Specialist in ILS and structured reinsurance, with over a decade of experience in the Latin American reinsurance market. Built a high-impact track record at one of the largest global reinsurers, structuring treaties across both traditional and structured reinsurance, and was the technical lead on the structuring and issuance of Brazil's first LRS. Chemical Engineer from Instituto Mauá de Tecnologia, certified in The Fundamentals of ILS, and a member of the inaugural class of the in-person ILS course in Switzerland. Election pending SUSEP approval.

LinkedIn →

Eduardo Póvoa

Co-founder · Executive

Over two decades as Controller, Finance Manager, and Accounting Officer at insurers and local reinsurers. Former controller for a Brazilian reinsurer and accounting manager for top-tier global insurer and reinsurer groups. Deep background in accounting and regulatory compliance for the (re)insurance industry. Postgraduate in Insurance and Pension Management from Mackenzie, MBA in Finance from Ibmec.

LinkedIn →

Laércio Vicente

Co-founder · Executive

Broad experience across the insurance, reinsurance, and pension sectors, spanning the actuarial, technical, product, and financial-management areas. He built his career at leading institutions, including Itaú Seguros and Terra Brasis Resseguros. Most recently, he served as a statutory director of Andrina SSPE, where he took part in the development and operation of the first LRS issuance carried out in Brazil. Election subject to ratification by SUSEP.

LinkedIn →

Rodrigo Botti

Co-founder · Investor

29 years across financial markets and reinsurance. Brazil Country Head at Lockton Re. Former EVP, CFO and Head of Actuarial and Technology at IRB Re. Conceived the original Andrina SSPE project and led its initial development. Co-founder and former CEO of Terra Brasis Resseguros, with IFC among shareholders. Former President of the Brazilian National Reinsurance Association (AN-Re). Member of the Mario Petrelli Forum. Engineer from USP, MBA from Chicago Booth, Associate in Reinsurance (ARe) from The Institutes.

LinkedIn →

ONE Partners

Strategic Partner

Strategic partner and investor in Ariel. An independent financial advisory firm operating across mergers and acquisitions, capital raising, financial restructuring, and public and private offerings. Senior team directly engaged in every transaction, under principles of confidentiality, independence, and absence of conflicts of interest.

onepartners.com.br →
Contact

Talk to Ariel.

For investors, insurers, reinsurers, pension funds, health plans, and others interested in structuring a transaction. We respond within two business days.

contato@arielsspe.com
Brazil — São Paulo