Brazil’s reinsurer IRB files for IPO
Three of the largest shareholders in Brazil's reinsurer IRB Brasil Resseguros said the company filed for an initial public offering (IPO) of shares with the country's securities industry watchdog CVM, Reuters reported on May 29.
In securities filings, BB Seguridade Participações, which is a unit of state-controlled lender Banco do Brasil, Banco Bradesco and Itaú Unibanco Holding said they will sell part of their stakes, in a so-called secondary share offering.
The Brazilian government currently remains IRB’s largest shareholder with 27.44 percent, followed by BB Seguridade Participações with 20.43 percent, Bradesco Seguros with 20.43 percent and Itaú Seguros & Itaú Vida e Previdência with 14.94 percent, according to the reinsurer’s website.
The IPO is perceived as the last step in the privatisation process of the company which was created in 1939 and which held a monopoly in the Brazilian reinsurance market for around 70 years.
IRB operates in a variety of business lines including aviation, property, agriculture, oil & gas, and casualty. For 2016, the reinsurer reported net earnings of R$ 849.9 million ($260.71 million), up 11 percent compared to the previous year.
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