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ZURICH, Oct 13 (Reuters) - Swiss Re and Brazil's Bradesco Group have launched a joint venture to create a commercial large-risk insurer in Brazil, the Swiss reinsurer said on Thursday.
Swiss Re said its commercial insurance arm signed a definitive agreement with Bradesco Seguros, the Brazilian banking group's insurance conglomerate, under which Bradesco Seguros would contribute its commercial large-risk portfolio to Swiss Re Corporate Solutions Brasil Seguros (SRCSB).
Bradesco would take a 40 percent equity stake in the joint venture, Swiss Re said, while its corporate solutions business would retain a 60 percent stake upon closing of the transaction, which is subject to regulatory approval. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)