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Swiss Re expands corporate insurance operations in Brazil

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Swiss Re Corporate Solutions Ltd., the commercial insurance arm of Swiss Re Ltd., has inked a deal with Bradesco Seguros S.A. to take on the Brazilian insurer’s commercial large-risk business

As part of the deal, the São Paulo-based insurance arm of Bradesco Group will contribute its commercial large-risk portfolio to Swiss Re Corporate Solutions Brasil Seguros S.A.

Bradesco Seguros will take a 40% equity stake in the Swiss Re unit, while Swiss Re Corporate Solutions will retain a 60% stake, Swiss Re said Thursday in a statement. Other details were not disclosed.

The agreement provides Swiss Re with exclusive access to Bradesco Seguros’ distribution network.

Swiss Re said the deal is subject to approval by the relevant authorities and other customary conditions.

Bradesco Seguros has 4,600 Bradesco bank branches across Brazil and about 40,000 insurance brokers and agents, according to the statement. The staff of Bradesco Seguros who handle commercial large-risk business in São Paulo and Rio de Janeiro will join SRCSB.