France’s CNP, Brazil’s Caixa Seguridade set up JV

France’s CNP Assurances and Brazil’s Caixa Seguridade have agreed to establish a new joint venture for life and retirement insurance cover. CNP committed to paying an earn-out BRL 4.65bn to Caixa Seguridade for 40% of the equity and 51% of the common shares of the new venture. Once regulatory approval is granted, the new entity will replace a previous JV between the two companies, which also provided home and auto insurance policies. Caixa Seguridade will likely be looking for a new partner to cover these two segments.

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