Reinsurance News

IRB Brasil Re confirms $2.3bn share offering

11th July 2019 - Author: Matt Sheehan

Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has confirmed that shareholders BB Seguridade Participações and the Brazilian Treasury are set to sell their stakes next week in a share offering valued at 8.5 billion reais (US $2.3 billion).

irb-logoThe pricing of the secondary share offering is expected to occur on July 18, with the settlement occurring shortly thereafter.

IRB Brasil Re explained that the offering would comprise 83,978,450 of its common shares held by the company’s shareholders.

This consists of 47,520,213 common shares from BB Seguros Participações and 36,458,237 common shares from the Brazilian Federal Government.

The shares of the Brazilian Government are held in the National Privatization Fund managed by the Brazilian National Development Bank.

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The investment banking units of Banco do Brasil SA, Bank of America, Banco Bradesco SA, Caixa Econômica Federal, Citigroup Inc, Itaú Unibanco Holding SA and UBS Group AG will manage the offering.

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