Brazilian reinsurance firm IRB promotes VP Cardoso to CEO

viernes 7 de agosto de 2015 17:07 GYT

SAO PAULO Aug 7 (Reuters) - IRB Brasil RE, Brazil's biggest reinsurance company, announced on Friday that Jose Carlos Cardoso, vice president of reinsurance since September 2014, will take over for outgoing Chief Executive Leonardo Paixao, who has held the post since 2010.

The company, which is positioning itself for an initial public offering in the coming months, posted on Friday a net profit of 342 million reais ($97.44 million) in the second quarter, up 33 percent from the same period a year ago.

($1 = 3.51 Brazilian reais) (Reporting by Reese Ewing; Editing by Paul Simao)