Grupo BTG Pactual SA is understood to be in advanced stage talks to sell its the remaining 49 percent stake in Brazilian insurer Pan Seguros and hopes to complete the sale by the end of 1Q16 . A number of firms are interested in acquiring the insurer due to lack of available targets in the region. First round bids in December valued the business at between 1 and 1.3 bn Japanese reais ( $300 million ), with AXA and Liberty Mutual submitting the highest offers according to one of the sources. Bidders, which are expected to be asked to submit binding offers in February , include BTG Pactual , MetLife , Zurich , Generali , CNP Assurances , Liberty Mutual and some major Japanese insurers are said to be among firms bidding, according to sources familiar with the matter. BTG Pactual is selling assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in November . The bank had no immediate comment on the reports of the sale.
Grupo BTG Pactual SA is understood to be in advanced stage talks to sell its 51% stake in Brazilian insurer Pan Seguros and hopes to complete the sale by the end of 1Q16. A number of firms are interested in acquiring the insurer due to lack of available targets in the region. First round bids in December valued the business at between 1 and 1.3 bn Brazilian reais ($300 m), with AXA and MetLife submitting the highest offers according to one of the sources. Bidders, which are expected to be asked to submit binding offers in February, include Axa, MetLife, Zurich, Generali, CNP Assurances, Liberty Mutual and some major Japanese insurers are said to be among firms bidding, according to sources familiar with the matter. BTG Pactual is selling assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in November. The bank had no immediate comment on the reports of the sale.