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BR insurance shareholders approve incorporation of 6 units

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BR insurance shareholders approve incorporation of 6 units

Shareholders of Brazilian insurer BR Insurance Corretora de Seguros SA approved the incorporation of six of its brokerage firms as part of an internal restructuring that will result in a single company.

The subsidiaries that will be incorporated include AWF Corretora de Seguros Ltda., C/S3-Consultoria e Corretagem de Seguros Ltda., Enesa Corretora de Seguros Ltda., Itax Corretora, RD3 Consultoria em Previdência Ltda. and Triunfo Corretora e Administradora de Seguros Ltda.

As a result of the approval, the company will implement a capital increase worth 556.79 Brazilian reais. The company's capital stock will rise to about 379.0 million reais.

As of Dec. 14, US$1 was equivalent to 3.33 Brazilian reais.