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BTG Pactual's sale of stake in Brazilian insurer, brokerage cancelled

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Brazil-based investment banking firm Banco BTG Pactual S.A. has said that the sale of its 51% stake in Brazilian insurer Pan Seguros S.A. and insurance broker Panamericano Administração e Corretagem de Seguros e de Previdência Privada Ltda. to French insurer CNP Assurances has been called off, BNamericas reported.

The deal, which was initiated in April 2016, was estimated to be worth $224 million.

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