IRB-Brasil Resseguros SA filed for an IPO of its common shares with Brazilian securities and exchange commission CVM.

The reinsurer obtained an approval to file for an IPO from its leading shareholders, Banco Bradesco SA, Itaú Unibanco Holding SA and BB Seguridade Participações S.A., earlier in May.

The filing will not be considered as a notice of offer, as it will depend on favorable capital market conditions, Bradesco said in a statement.