IRB Brasil IPO suspended as market turmoil worsens
Thursday, 10 08 2015, Category: Insurance and Reinsurance, Country: World
IRB Brasil RE SA, the nation's largest reinsurer, has decided to postpone an initial public offering indefinitely after market turmoil in Latin America's largest economy intensified in recent weeks, a source with direct knowledge of the situation said on Tuesday.
The investment banks managing the initial public offering of IRB Brasil, some of which happen to be shareholders of the Rio de Janeiro-based company, had agreed that suspending the deal was the only feasible option at this point, said the source, who requested anonymity since the plans remain private.
The former reinsurance monopoly is now controlled by Brazil's largest local banks and the government.