Swiss Re and Bradesco Seguros partner to target large risks in Brazil

Swiss Re Corporate Solutions (Swiss Re CS), the commercial insurance arm of Swiss Re Group, and Bradesco Seguros, the insurance conglomerate of Bradesco Group, have agreed details of a comprehensive partnership that will create one of the largest commercial large-risk insurers in Brazil.

Under the agreement, Swiss Re Corporate Solutions Brasil Seguros (SRCSB), a new entity, will be formed. Bradesco Seguros will contribute its commercial large-risk portfolio to SRCSB and give it exclusive access to its distribution network. In return, it will take a 40 percent equity stake in SRCSB, while Swiss Re CS will retain a 60 percent stake.

Bradesco Seguros' distribution network is comprised of more than 4,600 Bradesco bank branches across Brazil and approximately 40,000 insurance brokers and agents registered to Bradesco Seguros.

As part of the transaction, Bradesco Seguros' team of professionals responsible for commercial large-risk business in São Paulo and Rio de Janeiro will join SRCSB.

“We are very pleased to join forces with Bradesco Seguros to create a leading commercial large-risk insurer in the Brazilian market,” said Agostino Galyagni, CEO of Swiss Re CS and a member of the Swiss Re Group Executive Committee.

“This agreement helps us execute on our strategy to expand our platform and enhance our market position in Latin America. Bradesco Seguros' local knowledge and distribution channels coupled with our large net capacity and global underwriting expertise will allow us to deliver superior products to our Brazilian and international clients.”

Randal Luiz Zanetti, president of Bradesco Seguros, said: “This transaction confirms Bradesco Seguros' strategic view of providing the best and largest range of products in all insurance lines to its customers.

“The choice to partner with Swiss Re Corporate Solutions aligns with our key objectives, as it provides even more international reach and expertise. Our relevant participation in the joint venture reinforces our belief that commercial largerisk insurance is a promising business in Brazil."