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Caixa Seguridade says 14 global groups interested insurance businesses

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Caixa Seguridade says 14 global groups interested insurance businesses

Caixa Seguridade Participações SA has signed confidentiality agreements with 14 global groups to negotiate a partnership in its businesses related to home insurance and letter of credit, auto and equity risks, Valor Econômico reported.

Citing an unnamed source, the newspaper said that the company identified 40 companies that fit its requirements and plans to conclude the selection process by the end of 2018.

The institution had announced recently a partnership renewal until 2041 with CNP Assurances SA on life insurance and pension products. The French company is expected to make "a fair proposal" for the other businesses as well, according to the report.

Other groups, which reportedly include BB Seguridade Participações SA, "may be more aggressive" in trying to keep the businesses, according to Valor. Banco Bradesco SA, meanwhile, reportedly is not in the running.