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Brazil's Caixa Seguridade to wrap JV deals by June, paving way for IPO

Brazil-based insurance firm Caixa Seguridade Participações S.A. expects to conclude its joint ventures in four business areas as it prepares for an initial public offering, Reuters reported, citing company executives.

After the conclusion of the joint ventures, Caixa Seguridade will "have to wait for the best market window for the IPO," according to Thiago Souza Silva, the company's investor relations head.

The Caixa Econômica Federal unit first attempted to launch an IPO in 2016, but did not push through due to "unfavorable market conditions" and negotiation issues with France-based CNP Assurances SA on their Caixa Seguradora SA partnership, which expires in 2021.

Caixa shareholders in November 2017 agreed to extend the deadline for the conclusion of a new partnership between Caixa Seguridade and CNP Assurances. Caixa Seguridade executives expect the negotiations with CNP Assurances to be completed by June, Reuters said.

Caixa Seguridade is also negotiating joint ventures with other stakeholders, including one involved in the housing and consortium areas, another in auto and the P&C segment as well as one for capitalization. Furthermore, the company could conclude negotiations for a possible renewal of its distribution agreement with brokerage firm Wiz Soluções e Corretagem de Seguros SA, which has exclusive rights to sell Caixa products.