(Reuters) Buyout firm GP Investments Ltd plans to divest part of its stake in Brazilian insurance broker FPC Par Corretora de Seguros SA through an initial public offering.

GP Investments said in a Wednesday securities filing that FPC Par Corretora will initially offer as many as 44.444 million shares in a so-called secondary share offering. GP Investments owns a stake, comprised of 7.332 million shares, in FPC Par through an investment vehicle called Algarve LLC.