Swiss Re, Bradesco launch commercial insurance venture in Brazil

jueves 13 de octubre de 2016 07:37 GYT

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)