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Brazil's Wiz enters into talks with Caixa, CNP over new distribution deal

Brazilian insurance broker Wiz Soluções e Corretagem de Seguros SA said it had entered into talks with Caixa Seguridade Participações S.A.and French insurer CNP Assurances SA to discuss a possible new distribution agreement, following the renegotiation of the partnership accord between Caixa and CNP last year.

In a regulatory filing, Wiz, which has yet to sign an agreement with the companies, said it entered the negotiations "to establish the Company's performance conditions in Caixa Econômica Federal's branch network in the context of the new companies to be incorporated in the future by Caixa Seguridade and selected security partners."

According to a report by Valor Econômico, Wiz had exclusive distribution through the channel until 2017, but that deal had to be reviewed with renegotiation of the partnership between Caixa and CNP.