A joint venture between Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, and Bradesco Seguros S.A., which was first announced in October 2016, has completed and officially started operations in Brazil.
Bradesco Seguros S.A.’s commercial large-risk portfolio has now been integrated into Swiss Re Corporate Solutions Brasil Seguros S.A. (SRCSB), with Swiss Re Corporate Solutions retaining a 60% stake in SRCSB, with Bradesco Seguros S.A. controlling the remaining 40%.
The joint venture gives SRCSB access to Bradesco Seguros’ extensive distribution network, and makes SRCSB one of the most influential and leading large-risk insurance entities in Brazil with gross written premiums of roughly BRL 820 million (US$250 million), while promoting the distribution of innovative solutions across the region.
Agostino Galvagni, Chief Executive Officer (CEO) of Swiss Re Corporate Solutions and a member of the Swiss Re Group Executive Committee, said; “This partnership reaffirms our commitment to the Brazilian market. By joining forces with Bradesco Seguros, we’re able to bring our innovative product offering to an even wider segment of mid-sized and large corporate clients in the region.”
Under the transaction some 120 Bradesco Seguros large-transaction specialists in Sao Paulo and Rio de Janeiro have joined SRCSB.
The new unit will be led by Luciano Calheiros, CEO of Swiss Re Corporate Solutions Brazil, and will also benefit from the financial backing of Swiss Re, one of the world’s largest reinsurance firms. Combined with Bradesco Seguros’ extensive local market knowledge and expertise, the joint venture aims to promote the distribution of innovative solutions across the country.
CEO of Bradesco Seguros, Octavio de Lazari Junior, said; “The Bradesco Seguros Group and Swiss Re Corporate Solutions are aligned in terms of long-term vision, and have complementary competencies and portfolios. The joint venture enables us to expand our product offering across all insurance lines. The association also reaffirms our belief in the growth potential of Brazil’s large-risk insurance segment.”
The deal was approved by the Brazilian Superintendence of Private Insurance (SUSEP), the Brazilian government’s Administrative Council for Economic Defense (CADE) and the Central Bank of Brazil (BACEN).