(Bloomberg) – Berkshire Hathaway Inc., the firm run by billionaire investor Warren Buffett, is in talks to buy a stake in Latin America's biggest reinsurer, IRB Brasil Resseguros SA, after an initial public offering of stock, according to two people with direct knowledge of the matter.
No deal is likely to be completed before July 27, IRB's IPO pricing date, the people said, asking not to be named because the discussions are private. The acquisition could be made through Berkshire's General Re unit, they said. JPMorgan Chase & Co. is advising Rio de Janeiro-based IRB, according to the people.
Sellers include Brazilian government
Current shareholders will sell stakes in the IPO, which may raise as much as 2.9 billion reais ($920 million). Sellers include the Brazilian government, which holds 27%; insurers BB Seguridade Participacoes SA and Bradesco Seguros SA, which each own 20.4%, and Itau Unibanco Holding SA, holder of about 15%.
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