Porto Seguro SA said Fabio Luchetti has left as CEO to become part of the Brazilian company's board of directors, according to a filing.

Luchetti had been the head of Porto Seguro for six years. He will be replaced by Roberto Santos, the executive vice president, effective March 29.

Santos joined Porto Seguro in 2004 and also served as the company's general director, responsible for operations, property insurance and health business.

Dividend payment

Meanwhile, Porto Seguro's shareholders have approved the distribution of dividends for 2017 worth 440.3 million Brazilian reais, or equivalent to 1.36 reais per share, the company said in a separate filing.

The distribution is composed of interest on equity, attributed to the mandatory dividend for 2017, worth 412.8 million reais. In turn, this amount constitutes interest on equity declared June 27, 2017, worth 243.1 million reais or 75.35 centavos per share, credited to shareholders June 30, 2017, based on the shareholding position as of the same date.

The total also consists of interest on equity declared Oct. 25, 2017, worth 242.2 million reais or 74.91 centavos per share, credited to shareholders Oct. 30, 2017, based on the shareholding position as of the same date.

The dividend payment is also comprised of additional dividends worth 27.5 million reais or 8.51 centavos per share, to be credited to shareholders March 29 based on the shareholding position as of the same date. The company's shares will trade as ex-right to additional dividends as of April 2.

The interest on equity and additional dividends will be paid to shareholders April 11.

As of March 28, US$1 was equivalent to 3.34 Brazilian reais.