Caixa Seguridade, Tokio Marine Seguradora form joint venture

Brazil-based Caixa Seguridade Participações SA and Tokio Marine Seguradora SA closed the operational agreement, including obtaining all regulatory approvals, for the creation of an insurance joint venture XS3.

The joint venture will explore mortgage and homeowner's insurance products in the distribution network of Caixa Econômica Federal, the parent company of Caixa Seguridade, for a period of 20 years.

Tokio Marine made a capital contribution of 1.52 billion reais to XS3, paid to Caixa Econômica Federal, due to the grant to Caixa Seguridade.

As of Jan. 4, US$1 was equivalent to 5.22 reais.