Reinsurance News

IRB Brasil Re files for IPO

30th May 2017 - Author: Steve Evans

Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now registered for an initial public offering (IPO) with the Brazilian Exchange Commission (Comissão de Valores Mobiliários CVM).

Brazil mapAccording to reports from three key shareholders, the applications have been filed for an initial public offering of IRB Brasil Re shares, with a request to register the reinsurer as a publicly listed company and a request to carry out a secondary share offering.

Just over a week ago the shareholders in IRB Brasil Re, Itaú Unibanco Holding S.A. units Itaú Seguros S.A. and Itaú Vida e Previdência S.A., BB Seguridade Participações S.A. and Banco Bradesco S.A., all filed notices of their intention to sell some of their shares in an initial public offering (IPO) of the reinsurer.

Now, with the registration made, the IPO may happen relatively quickly, although the shareholders note that the IPO will not proceed unless the local and international capital markets are conducive to doing so.

IRB Brasil Re is backed by the Brazilian government, which owns a 27% stake in the reinsurer, as well as a number of major financial firms in the country.

The reinsurer was formed in 1939 with the intention of providing reinsurance to local insurers, subsequently becoming the largest domestic reinsurance firm in Brazil.

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:
Insurtech Neos gets strategic support and capacity from Munich Re

Home insurer Neos has formed a strategic partnership with reinsurance giant Munich Re, who has agreed to provide underwriting capacity...