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The joint venture has received the approval of antitrust agency CADE, Brazil's central bank and insurance regulator Susep, according to information in Q2 results documents published by Santander Brasil.
The creation of the joint venture was announced in December and both companies plans to sell auto insurance only using digital channels.
The partnership comes as Brazil's auto industry has shown signs of recovery in recent quarters. Vehicle insurance is one of the biggest business lines for the country's insurers.