Mapfre to buy Brazilian insurer's property business

Posted On: Jun. 27, 2018 5:58 AM CST

Banco do Brasil S.A. has restructured its insurance agreement with Spain-based insurer Mapfre S.A. under which Mapfre will buy its property and vehicle portfolio for 2.4 billion Brazilian real ($636 million), Exame reported. Under the deal, the partnership between the bank's insurance unit BB Seguridade Participacoes S.A. and Mapfre will be restricted to the rural business segments.