Menu

Reinsurance News

IRB Brasil Re announces $673mn secondary share offering

15th February 2019 - Author: Matt Sheehan

Brazilian reinsurance firm IRB Brasil Re has announced a secondary share offering that is expected to raise around 2.5 billion reais ($673.27 million).

irb-logoThe company has now confirmed reports from sources at Reuters earlier this month, who said that a government fund managed by state-run bank Caixa Economica Federal was preparing to sell its 8.9% stake in IRB.

The share offering would follow on from IRB’s initial public offering (IPO) in 2017, which allowed the reinsurer’s existing shareholders to offload a portion of their stake in order to raise capital and bring new investors onboard as the firm looked to expand.

The IPO pricing put shares at 27.24 reais ($8.64) and raised just over 2 billion reais ($540 million), with around 73.5 million shares sold by IRB Brasil Re’s major holders.

A new security filing shows that Caixa will now sell its 27,656,408 common shares in IRB, with pricing expected to occur on February 26, 2019.

IRB also revealed that the investment banking units of Caixa Econômica Federal, Bank of America Merrill Lynch, Banco Bradesco SA, Itaú Unibanco Holding SA and Banco do Brasil SA will manage the offering.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Apollo completes Aspen acquisition

It's been announced that affiliates of certain Apollo investment funds have completed the previously announced takeover of Aspen Insurance Holdings, following the...

Close