BB committed to improving IRB, increasing share in PAC programs - VP - Brazil
BB committed to improving IRB, increasing share in PAC programs - VP - Brazil
Saturday, November 21, 2009
(BNamericas.com) - Federally controlled Banco do Brasil (BB), Brazil's largest bank, will be committed to improving operations of reinsurer IRB-Brasil Re if it takes a controlling stake in the company, helping to guide IRB towards more work in the country's growth acceleration program PAC, BB VP Paulo Rogério Caffarelli told BNamericas.
Last month, BB initiated talks with the country's finance ministry, which holds 50% of IRB and all its voting shares, on taking over Latin America's biggest reinsurer, which was also a monopolist in the Brazilian reinsurance market until April 2008.
"We intend to buy [at least] part of these shares from the government, because we believe that BB can work well with these partners - the government and the private sector banks - to change the conditions at IRB and increase its partnerships in the reinsurance business in Brazil," the executive said of the firm, in which Itaú Unibanco (NYSE: ITUB) has 17% and Bradesco (NYSE: BBD) about 23%.
"BB, Bradesco and Itaú believe this, too," Caffarelli said, noting that the government will also likely keep some shares, in one form or another.
The VP said adding to IRB's operations in PAC-related programs and large projects would be key to BB's strategy for the company.
IRB had 97.9mn reais (US$56.7mn) in profits in the first eight months of 2009, down 58.5% from the same period in 2008, as claims chipped away at its profits, but still took nearly 78% of the reinsurance market in January-August 2009....
Insurance industry could grow 7% this year, way above early expectations - Mexico
Saturday, November 21, 2009
(BNamericas.com) - Mexico's insurance industry should grow premiums by 6.5-7% in real terms this year, local press reported insurance industry AMIS president Juan Ignacio Gil Antón as saying at a press conference.
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Principal to change country manager, still looking at pension business - Chile
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Country manager Franci... more
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Saturday, November 21, 2009
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Parque del Recuerdo aims to integrate life insurance products and s... more
OPIC to support microfinance sector with US$125mn fund - Regional
Saturday, November 21, 2009
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Suramericana enters unemployment insurance segment - Colombia
Saturday, November 21, 2009
(BNamericas.com) - Colombia's largest insurer Suramericana has expanded its product range and is now offering unemployment insurance, local paper La República reported.
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IN BRIEF Bradesco reaches 100% coverage of country's municipalities - Brazil
Saturday, November 21, 2009
(BNamericas.com) - Banco Bradesco (NYSE: BBD) has become Brazil's first private sector bank to serve 100% of the nation's municipalities, the bank said in a statement to Madrid-based stock exchange Latibex.
Each of... more