Insurers line up to partner with Brazil's Caixa

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Tuesday, October 17, 2017

Caixa Seguridade, the insurance arm of Brazilian state-run bank Caixa, is reportedly attracting a large number of companies in its search for new partners.

Earlier this month, Caixa announced it had started a process to select strategic partners who will provide their products in the housing, vehicle and property insurance segments.

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More than 20 companies have signed non-disclosure agreements as part of partnership negotiations with Caixa, reported local daily O Estado de S. Paulo.

Among the companies are global giants such as Tokio Marine, HDI, Allianz, Fosun and Chubb, according to the report, which did not cite any sources.

A Caixa spokesperson declined to comment, when contacted by BNamericas.

Caixa-CNP

French group CNP Assurance is the current and exclusive insurance partner for Caixa, selling a wide range of insurance products at the state bank's branches across the country.

Caixa Seguridade will terminate the partnership with CNP in February 2021 and they have already reduced the scope of the partnership to products in the life, consumer credit life and private pension segments.

Caixa decided to end the partnership as it believes having multiple partners will be more beneficial in financial terms.