BTG Pactual in advanced talks to sell Brazil insurer stake - sources
By Pamela Barbaglia and Tatiana Bautzer
LONDON/SAO PAULO Jan 11 (Reuters) - Grupo BTG Pactual SA is in talks to sell its majority stake in Brazilian insurer Pan Seguros, with Axa and MetLife among firms bidding, three sources familiar with the matter said.
Brazilian bank BTG Pactual has rushed to sell assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in November.
Other firms bidding for the Pan Seguros stake include Zurich and Assicurazioni Generali, as well as U.S.-based Liberty Mutual and some major Japanese insurers, two of the sources said.
French insurer CNP Assurances SA is another bidder for the Brazilian insurer, which provides life and home insurance, a third source told Reuters.
The sources said talks about the sale BTG Pactual's 51 percent stake in Pan Seguros were at an advanced stage.
Latin American insurance markets are under penetrated, insurance specialists say, providing an opportunity for international insurers whose home markets are mature.
"Bidders are queuing up because of the lack of available targets in Latin America," one of the sources said.
BTG Pactual had no immediate comment. Continuación...