Swiss Re and Bradesco Seguros launch new Brazilian entity
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, and Bradesco Seguros, the insurance conglomerate of Bradesco Group, have officially started their joint venture operation in Brazil.
The plan, which was first announced in October 2016, creates one of the largest commercial large-risk insurers in Brazil.
Bradesco Seguros' commercial large-risk portfolio has been integrated into Swiss Re Corporate Solutions Brasil Seguros (SRCSB), making it one of the leading Brazilian players in this segment with a total of roughly BRL 820 million ($250 million) in gross written premium and significant growth potential.
Swiss Re Corporate Solutions retains a 60 percent stake in SRCSB, Bradesco Seguros holds a 40 percent equity stake.
The company announced that Luciano Calheiros, CEO of Swiss Re Corporate Solutions Brazil, will lead the joint venture operation.
"This partnership reaffirms our commitment to the Brazilian market," stated 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."
Octavio de Lazari Junior, CEO of Bradesco Seguros, commented: "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."
As part of the transaction, approximately 120 of Bradesco Seguros' large-risk specialists in Sao Paulo and Rio de Janeiro have joined SRCSB.
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