Porto SeguroSA said that its subsidiary Porto Seguro Companhia de SegurosGerais, Porto Cia., has reached an agreement to acquire 's auto insuranceportfolio.
The deal, which was signed Sept. 30, involves the transferof approximately 25,000 auto insurance policies, including certificates andendorsements, which corresponds to about 0.5% of the fleet insured by PortoSeguro's group, according to an Oct. 3 filing.
Porto Seguro didn't disclose the value of the transaction,but noted, however, that the transfer of AIG's portfolio is subject toregulatory approvals from Brazil's antitrust regulator Cade and insuranceregulator Susep.
"Until the precedential conditions are satisfied anduntil the operation is completed, AIG's auto insurance portfolio will continueto be administered by the latter," Porto Seguro noted in the filing.
In August, Porto Seguro completed the purchase of an auto insurance portfoliofrom Chubb do Brasil Companhia deSeguros.