Swiss Re Corporate Solutions and Bradesco Seguros conclude large-risk transaction and start joint venture operation in Brazil
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- Swiss Re Corporate Solutions Ltd and Bradesco Seguros S.A. have closed the transaction announced in October 2016; the joint venture has officially commenced operations in Brazil
- The commercial large-risk portfolio of Bradesco Seguros S.A. has been integrated into Swiss Re Corporate Solutions Brasil Seguros S.A. (SRCSB), giving it exclusive access to Bradesco Seguros' distribution network
- Swiss Re Corporate Solutions Ltd retains a 60% stake in SRCSB, Bradesco Seguros holds a 40% equity stake
- This transaction creates one of the leading large-risk insurers in Brazil and enables innovative products to be delivered through an established distribution network
Swiss Re Corporate Solutions Ltd, the commercial insurance arm of the Swiss Re Group, and Bradesco Seguros S.A., a company controlled by Banco Bradesco S.A., have closed the transaction announced in October 2016 and officially started the joint venture operation in Brazil. Bradesco Seguros' commercial large-risk portfolio has been integrated into Swiss Re Corporate Solutions Brasil Seguros S.A. (SRCSB), making it one of the leading Brazilian players in this segment. Swiss Re Corporate Solutions Ltd retains a 60% stake in SRCSB while Bradesco Seguros holds a 40% equity stake.
A promising business
Bradesco Seguros Group, the insurance conglomerate of Bradesco Organization, is a leader in the Brazilian insurance market, with operations in national segments of Insurance, Capitalization and Open Pension Funds. In 2016, annual revenues of the Bradesco Seguros Group reached BRL 71.4 billion – an increase of 10.5% in comparinson with the previous year, mantaining around 25% of market share. At the end of 2016, its technical reserves exeeded BRL 223 billion and its financial assets amounted to BRL 242 billion. The total paid in indemnities and benefits by the Group, last year, reached BRL 52.3 billion (about BRL 207 million per day) – an increase of 15.4% over the daily average of 2015. More information about the Bradesco Seguros Group can be found at www.bradescoseguros.com.br.