André Gregori, a former partner at , and a group ofother investors are making a 100 million Brazilian reais investment to launch anew insurance company in Brazil, Agência Estado's Broadcast news servicereported April 4.

The new company is in the process of obtaining regulatoryapproval and is expected to commence operations in the second half of 2016,sources told the news outlet. It will reportedly focus on selling insurancepolicies online.

As of April 4, US$1was equivalent to 3.59 Brazilian reais.