Swiss Re, Bradesco unveil large risk JV in Brazil
Reinsurance and insurance group Swiss Re and Brazilian bank Bradesco's insurance unit Bradesco Seguros have launched a joint venture to create a commercial large-risk insurer in Brazil.
The companies have signed definitive agreements under which Bradesco Seguros will contribute its commercial large-risk portfolio to Swiss Re's Brazil unit, the parties said in press releases announcing the JV.
Swiss Re Brazil will have exclusive access to Bradesco Seguros's distribution network and the JV will make Swiss Re a leading commercial large-risk insurer in the Brazilian market.
Once the transaction is finalized, Bradesco Seguros will take a 40% equity stake in Swiss Re Brazil, while Swiss Re will keep a 60% stake. As part of the transaction, Bradesco Seguros's commercial large-risk business team in São Paulo and Rio de Janeiro will join Swiss Re Brazil. Bradesco Seguros will also no longer offer large-risk products in Brazil.
The deal has an estimated value of 750mn reais (US$234mn), according to Brazilian business daily Valor Econômico.
The transaction has to be approved by the relevant authorities.
BNamericas previously reported that the two companies had signed a pre-contract for the JV in April. A formal announcement of the transaction was then expected in May.
In November, Bradesco was reportedly planning to sell its large risks unit to Swiss Re for 800mn reais. Before negotiations began, Bradesco offered its large risks portfolio to other global insurers and reinsurers, including Tokio Marine, AIG, HDI and Munich Re.
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