A source has said that Brazil's Banco Bradesco S.A. is in discussions to sell its high-risk insurance business for around 800 million Brazilian reals ($212.5 million) to Swiss Re Ltd., Bloomberg reports. The insurance business to be sold protects construction and infrastructure projects as well as corporate real estate and equipment. Increased competition and the failure of a predicted infrastructure boom to take shape have resulted in Brazil's largest banks to pull back from high-risk insurance lines. Read more
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 bank plans to sell its insurance business that protects construction and infrastructure projects and corporate property and equipment; and the sale would allow it to focus on its retail insurance business. 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.