Brazil regulators approve Santander-HDI insurance JV

Thursday, July 26, 2018

Brazilian regulators approved the creation of a 50-50 joint venture between the local units of Spain's Banco Santander and German insurance company HDI Seguros to offer vehicle insurance.

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.

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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.