Brazil's Caixa could create insurance broker arm

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Thursday, June 28, 2018

Caixa Seguridade, the insurance arm of Brazilian state-run bank Caixa Econômica Federal, is evaluating the creation of an insurance broker arm.

Caixa currently has a partnership with insurance broker Wiz Soluções and this contract will end in 2021.

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In May, Caixa Seguridade said it would open a process to select and form a partnership with a new insurance broker.

Caixa Seguridade, which controls 25% of Wiz, has said the latter will be allowed to participate in the upcoming process.

Caixa has still not made a final decision on what kind of insurance brokerage model it wants to use, according to local paper O Estado de S. Paulo, which did not unveil where it obtained the information about the potential plans of creating its own insurance broker arm.