LONDON/SAO PAULO (Reuters) - Grupo BTG Pactual SA BBTG11.SA is in talks to sell its majority stake in Brazilian insurer Pan Seguros, with Axa (AXAF.PA) and MetLife (MET.N) among firms bidding, three sources familiar with the matter said. 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. The deal would give BTGP a presence in Latin America that it has lacked since being acquired by American insurance giant AIG. 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. The deal would give BTGP a presence in Latin America that it has lacked since being acquired by American insurance giant AIG. 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.