July 10, 2020 |
Brazilian reinsurer IRB Brasil Re said on Thursday it approved a capital raise of up to BRL2.3 billion ($428.6 million) through the issuance of new shares, using the proceeds to increase its solvency in the wake of a scandal that wiped out billions of reais in value from the company.
IRB Brasil will issuance between 303 million and 331.9 million common shares for private subscription, the reinsurer in a securities filing.
Bradesco Seguros and Itaú Seguros are anchor investors and will participat
Brazilian reinsurer approves up to $428.6 million to improve insolvency and liquidity margin