XL Capital and Banco Itaú Holding Financeira SA have entered a definitive agreement to form a joint venture insurance company in Brazil. The announcement follows news on 30 January that both parties had signed a memorandum of understanding. The joint venture is subject to final regulatory approval.
The new insurance company, ITAÚ XL Seguros Corporativos SA, will combine the current brazilian property, casualty and specialty commercial insurance business of ITAÚ and XL and will operate in Brazil's commercial insurance market.
Commenting on the new venture, Ruy Moraes de Abreu, CEO of Itaú Seguros SA, said, "ITAÚ XL will combine ITAÚ's Brazilian market expertise and penetration with XL's outstanding underwriting knowledge and access to reinsurance capacity in commercial lines and large insurance risks. We strongly believe that this joint venture will create a winning platform to develop this market in Brazil, with advantages to our clients and brokers."
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