June 26, 2018 / 12:40 PM / a year ago

BB Seguridade sells unit to Mapfre, may free up capital

The logo of Spain's insurance company Mapfre is seen in Seville, southern Spain March 14, 2016. REUTERS/Marcelo del Pozo

SAO PAULO (Reuters) - Brazilian insurance company BB Seguridade SA (BBSE3.SA) said its board has approved a new agreement with Spain’s Mapfre SA (MAP.MC) that may free up 1.8 billion reais ($478.2 million) worth of capital.

Under the terms of the agreement, BB Seguridade will sell its property and vehicle insurance unit, known as SH2, to Mapfre.

Reporting by Aluisio Alves; Writing by Carolina Mandl

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