The two events will be hosted in Brazil in 2014 and 2016, respectively.
While waiting for Brazil's insurance and reinsurance regulator Susep to approve the alliance, BB appointed the executives to head the two holding companies that it will form with Mapfre, Brazilian news service Agência Estado reported.
Roberto Barros will lead the holding for life, housing and rural insurance, and Antonio Cássio dos Santos will command the holding for auto, corporate risk, mass-market insurance businesses.
The holdings are expected to begin operating in May, and the provisional name for the two is Grupo BB & Mapfre, according to the report.
The new group will be the largest insurance player in many market segments.
BB is Brazil's biggest bank, and Mapfre is one of the leading insurance groups in Latin America and the Caribbean.