Description: This article discusses the closed nature of the Brazilian reinsurance market due to the IRB. The Instituto de Resseguros do Brasil is owned 50% by the 15 insurance companies that are licensed to do business in Brazil and 50% by the Government of Brazil, but the Government owns 100% of the voting shares. All reinsurance business must be transacted with and via the IRB. The process, opportunities and risks associated with this scheme are explored.