Brazil Said to Consider Stake Sale in $1.3 Billion Reinsurer IPO
Thursday, 06 04 2015, Category: Insurance and Reinsurance, Country: World
Brazil’s government is considering the sale of some of its stake in IRB-Brasil Resseguros SA, the largest reinsurer in Latin America, in a 4 billion-real ($1.3 billion) initial public offering, two people with direct knowledge of the matter said.
In addition to the government, which owns 27 percent of IRB, insurer BB Seguridade Participacoes SA and units of Itau Unibanco Holding SA might sell stakes in an IPO later this year, the people said, asking not to be identified because the discussions are private. BB Seguridade owns about 20 percent of IRB and Sao Paulo-based Itau holds 15 percent. A capital increase is also being considered, the people said.