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Report: IRB Brasil Re to expand in Latin America amid rumors of Berkshire bid

IRB-Brasil Resseguros SA is seeking growth opportunities in a number of Latin American countries after having recovered its market share in Brazil, O Estado de S. Paulo reported.

IRB Brasil Re, which recently carried out a public offering, wants to strengthen its presence in Colombia, Mexico and Peru after a successful three-year period during which the company doubled its revenue and multiplied its profit five fold, the publication said.

In doing so, the company plans to replicate the business model it has adopted in Argentina where it operates an office with local professionals, IRB Brasil Re's CEO told the publication.

During the first half of the year the company's premiums issued abroad reportedly increased to 32% from 24% last year and IRB Brasil Re's ambitions abroad have reportedly reignited the interest of Warren Buffett's U.S. based giant conglomerate Berkshire Hathaway Inc. in making a bid for the company, according to Estadão.

Berkshire has reportedly been looking into the Brazilian company since its IPO and according to unnamed sources, talks have been taking place with the last meeting being held during Les Rendez-Vous conference in Monaco last month, Estadão also reported.

The sources told the publication, however, that no offer has been made yet.