January 6, 2020 / 9:29 PM / 11 days ago

Japan's Tokio Marine to pay $369 mln to sell insurance to Brazil's Caixa clients

SAO PAULO, Jan 6 (Reuters) - Japan’s Tokio Marine Holdings Inc is expected to pay 1.5 billion reais ($369 million) to Brazil’s state-owned lender Caixa Economica Federal as part of a joint venture to sell home insurance, the bank said in a securities filing on Monday.

Tokio Marine will hold 50.01% of the venture, which will hold the right to sell home insurance in Caixa’s branches for 20 years, the filing said. ($1 = 4.0669 reais) (Reporting by Tatiana Bautzer; Editing by Dan Grebler)

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