Swiss Re Corporate Solutions Ltd, the commercial insurance arm of the
Swiss Re Group, and Bradesco Seguros SA have launched a joint venture in Brazil that offers large-risk commercial insurance.
The two companies have finalised the transaction that was announced in October 2016, creating an entity known as Swiss Re Corporate Solutions Brasil Seguros SA (SRCSB) with 60% of equity held by Swiss Re while Bradesco Seguros has the remaining 40%.
Having absorbed Bradesco Seguros' large-risk commercial portfolio, SRCSB opens with around BRL820 million (US$250 million) in gross written premiums, making it one of the top firms in the market. The company is set to benefit from Swiss Re’s financial backing, underwriting expertise, and large net capacity, while Bradesco Seguros contributes its extensive knowledge of the local market and expansive distribution network across Brazil.
“This partnership reaffirms our commitment to the Brazilian market,” said Agostino Galvagni, CEO Swiss Re Corporate Solutions. “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.”
As part of the agreement, SRCSB has exclusive access to Bradesco Seguros' distribution network, which includes over 140 insurance branches, more than 5,000 Banco Bradesco bank branches, and almost 40,000 registered insurance agents and brokers.
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