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 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.