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Swiss Re, HDI vie for 51% stake in Bradesco's large risks insurance unit


Swiss Re Ltd. and German insurer HDI-Gerling Industrie Versicherung A.G. are competing to acquire a 51% stake in the large risk insurance unit of Brazil's Banco Bradesco S.A.'s, reports BNamericas citing Valor Economico newspaper.

The unit has annual premiums of about 400 million Brazilian reals ($101 million). Bradesco would maintain a 49% stake in the unit. The sale is likely to close by the end of March. Bradesco's sale of its large risks unit follows similar moves by local bank Itau Unibanco Holding S.A. and insurer SulAmerica S.A.

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