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XP Investimentos cleared to launch its own insurer

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XP Investimentos cleared to launch its own insurer

XP Investimentos has gained regulator clearance from Brazil's Susep to launch its new insurer company, called XP Seguradora, Valor Econômico reported.

As capitalization-focused pension reform progresses through the Brazilian congress, the online broker's insurer arm reportedly has already struck more than two dozen partnership deals with pension funds.

XP itself reportedly holds roughly 11 billion reais in custody from pension plans structured by Icatu, Porto Seguro Sulamerica and Zurich, all of which would technically become competitors.

"Pension will increasingly become an investment solution within a broader, long-term (financial) planning," Roberto Teixeira, who was tapped to structure the new business, was quoted as saying.

Teixeira comes from Itaú Unibanco Holding SA, which purchased 49.9% of XP Investimentos in 2018.

The approval from Susep also enables XP Seguradora to offer life insurance, which the executive hopes to incorporate into its product offering during 2019.

As of March 20, US$1 was equivalent to 3.79 Brazilian reais.