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Report: Bradesco, Swiss Re near to large risks JV deal

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Report: Bradesco, Swiss Re near to large risks JV deal

Banco BradescoSA's Bradesco SegurosSA is in advanced talkswith Swiss Re Ltd. tolaunch a large-risk insurance joint venture, Agência Estado reported April 6, citingsources close to the negotiations.

According to the report, Swiss Re would hold a 60% stake in theventure, while Bradesco Seguros would have the remaining 40% stake. The deal wasreported to be worth between 500 million and 600 million Brazilian reais, with thepayment to be made through the exchange of assets for shares. As a result, BradescoSeguros will end up with a 40% ownership stake in Swiss Re Corporate Solutions,the report said.

A final contract is expected to be signed soon, with an announcementto follow by May. However, the companies already signed a memorandum of understanding,the publication noted.

As of April 5, US$1 wasequivalent to 3.67 Brazilian reais.