The insurance business to be sold protects construction and infrastructure projects as well as corporate real estate and equipment. Banco Bradesco is in private talks to sell its high-risk insurance business to Swiss Re for about BRL 800m ($212.5m), according to a source close to the matter. The deal would be subject to approval by shareholders of both companies, which are expected to vote on it at their annual general meeting next week. Brazil's major banks have pulled back from high-risk insurance lines after facing increased competition and a predicted infrastructure boom that did not happen.
Banco Bradesco is in private talks to sell its high-risk insurance business to Swiss Re for about BRL 800m ($212.5m), according to a source close to the matter. The deal would be subject to approval by shareholders of both companies, which are expected to vote on it at their annual general meeting next week. Brazil's major banks have pulled back from high-risk insurance lines after facing increased competition and a predicted infrastructure boom that did not happen.