ZURICH Oct 13 Swiss Re and Brazil's
Bradesco Group have launched a joint venture to
create a commercial large-risk insurer in Brazil, the Swiss
reinsurer said on Thursday.
Swiss Re said its commercial insurance arm signed a
definitive agreement with Bradesco Seguros, the Brazilian
banking group's insurance conglomerate, under which Bradesco
Seguros would contribute its commercial large-risk portfolio to
Swiss Re Corporate Solutions Brasil Seguros (SRCSB).
Bradesco would take a 40 percent equity stake in the joint
venture, Swiss Re said, while its corporate solutions business
would retain a 60 percent stake upon closing of the transaction,
which is subject to regulatory approval.
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael