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Wiz Soluções seeks to diversify its business

Heverton Peixoto, CEO of Brazil's Wiz Soluções e Corretagem de Seguros SA, said the company will pursue new deals and possibly acquisitions in 2020 to reduce the company's dependence on partner Caixa Econômica Federal, Reuters reported.

"It is better to have 25 partners with lower margins than one with 55%," Peixoto reportedly said, in reference to the lofty profit margins that the company is expected to post for 2019.

Wiz has exclusive rights to distribute insurance policies for Caixa. For its part, Caixa and France-based CNP Assurances SA together own 25% of Wiz through a joint venture, and the two are currently in talks to renew a partnership agreement.

However, Caixa CEO Pedro Guimarães had commented the company was considering selling off its stake in Wiz, saying he did not consider it a "strategic investment" for them. The executive now said he would review the renewal agreement for possible inclusion of third parties, according to Reuters.

Caixa Seguridade Participações SA, the state-lender's insurance arm, had extended its partnership with CNP Assurances to 2041, as it was set to expire in 2021, but also limited the coverage of insurance products to life and consumer credit products and private pension plans.