Brazil regulator charges former IRB execs with securities-related violations squib

Brazil's securities regulator has pressed civil charges against two former executives of IRB Brasil Resseguros SA for their alleged role in an episode that caused shares in the reinsurer to drop 34% in one day, authorities said in a statement on Thursday. In March 2020, IRB said in a securities filing that Berkshire Hathaway International Insurance Ltd was an investor in the company and had recently increased its stake. Shortly thereafter, much of the management was fired and Brazil's securities regulator, known as the CVM, said it was opening a broad investigation into the company.
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