October 3, 2017 / 11:29 AM / a year ago

Brazil's Caixa Seguridade kicks off insurance partners search

SAO PAULO, Oct 3 (Reuters) - Brazilian insurer Caixa Seguridade Participações SA said in a securities filing late on Monday it is looking for strategic partners to sell a variety of products including property and auto insurance.

The process kicked off after Caixa and France’s CNP Assurances SA signed a non-binding deal for the distribution of insurance products announced on Sept. 28.

Under the non-binding agreement with the French company, CNP and Caixa Seguridade, the insurance unit of state lender Caixa Econômica Federal, will form a partnership known as Nova JV.

In the Monday filing, Caixa said CNP waived exclusive rights related to their agreement starting in January 2018, subject to the signature of definitive and binding documents.

The agreement with CNP is for distribution of life insurance and private pension coverage.

Caixa Econômica Federal, Brazil’s largest mortgage lender, considered reviving a plan to list its insurance holding company, Reuters reported in September 2016. (Reporting by Ana Mano; Editing by Chizu Nomiyama)

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