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Shareholders of reinsurer IRB Brasil Re approve IPO

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Brazilian reinsurer IRB Brasil Resseguros S.A. has received approval from its shareholders for an initial public offering, reported BNamericas citing InfoMoney.

Bradesco Seguros S.A. said that the approval has been sent to securities and exchange regulator Comissao de Valores Mobiliarios.

Bradesco owns 8% of IRB Brasil Re's shares.

The Brazilian government currently owns 17% of the reinsurer's shares and expects to generate up to 4 billion Brazilian reals ($1.14 billion) with the IPO of IRB Brasil Re.

The number of pricing and shares has not yet been decided.

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