February 10, 2020 / 8:30 PM / 12 days ago

Brazilian reinsurer IRB to hire second audit firm for Q4 results

SAO PAULO, Feb 10 (Reuters) - Brazilian reinsurer IRB Brasil Resseguros SA said in a conference call with investors on Monday that it will hire a second audit firm for its fourth-quarter results, which are to be released soon, following a second letter from shortseller Squadra Investimentos questioning its accounting.

Shares in IRB were down 12.7% in late afternoon trading, after Chief Financial Officer Fernando Passos told investors on the call that the company will announce soon the outlook for the businesses being questioned by asset management firm Squadra. (Reporting by Aluisio Alves Editing by Leslie Adler)

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