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Porto Seguro inks deal for Chubb Brasil auto insurance portfolio

Porto SeguroSA reached a deal to purchase an auto insurance portfolio ofChubb do Brasil Cia. deSeguros, according to a securities filing.

The portfolio involved in the deal represents 2.7% of itspremiums in the auto sector. Porto Seguro said that the acquisition will boostits high-value vehicle portfolio and strengthen its product brand Porto AutoPremium.

Terms of the deal were not disclosed and the transactionrequires regulatory approvals from both Brazilian antitrust regulator Cade andinsurance regulator Susep.