Brazilian market News

Share Offering for Brazil’s Caixa Seguridade Totals $216 Million

A secondary share offering for Brazilian insurance firm Caixa Seguridade was priced at 14.75 reais per share, the company said in a securities filing on Thursday, with the deal totaling about 1.22 billion reais ($216 million). The offering was made …

Brazil Insurer Caixa Seguridade Files for Secondary Share Offering

Brazilian state-run insurance firm Caixa Seguridade said late on Sunday it had filed for a follow-on share offering that will comprise a secondary sale of stock owned by controller Caixa Economica Federal. The move was widely expected since the company …

Brazil Insurer Porto Seguro Eyes Partners for Health Business, Sources Say

Brazilian insurance group Porto Seguro is in talks with private equity funds to possibly sell a minority stake in its health business, with discussions focusing on the strategic advantages of potential partners and valuation, two people familiar with the talks …

Brazil Says Workers at China’s BYD Site Are Victims of Human Trafficking

Chinese workers at a construction site in Brazil for a factory owned by China’s electric vehicle producer BYD are victims of human trafficking, Brazilian labor authorities said on Thursday in a growing controversy in BYD’s biggest overseas market. BYD and …

Ardonagh Group’s MDS Brazil to Acquire Brazilian Broker D’Or Consultoria

MDS Brazil, a subsidiary of Ardonagh-owned MDS Group and one of the country’s major brokers, announced it intends to acquire D’Or Consultoria, a health, dental, life insurance and pensions broker from Rede D’Or Sao Luiz. S.A. The transaction, which has …

Brazil Subsidized Rural Insurance for Deforested Farms: Report

Brazil subsidized rural insurance for farmers who deforested protected areas, engaged in slavery-like labor or planted in indigenous lands, according to a report from a nonprofit group. An investigation by Repórter Brasil found that farmers benefited from a government-backed insurance …

Brazil’s Government Paves the Way for Insurance-Linked Securities

Brazil’s National Monetary Council (CMN), the country’s highest economic body, granted approval on Thursday for regulations enabling insurers and reinsurers to raise funds from investors through the issuance of insurance-linked securities. The Finance Ministry, whose minister is a part of …

Brazil Court Backs Government in $24B Tax Dispute; Ruling Hits Insurers, Banks, Brokers

A majority of judges on Brazil’s Supreme Court voted on Monday to back tax authorities in a judgment on how to calculate levies on banks and other financial institutions that could add as much as 115 billion reais ($23.6 billion) …

Lockton Acquires THB Brazil From Amwins

Lockton, the privately held insurance broker and consultancy, announced it has acquired THB Brazil from Amwins, the independent wholesale distributor of specialty insurance products in the U.S. Terms of the transaction were not disclosed. The combination of two leaders in …

Brazil Class-Action Lawsuit Seeks $2.5B in Damages From Alleged Orange Juice Cartel

Giants of the orange juice trade in Brazil have become defendants in a class-action lawsuit seeking $2.5 billion in damages over an alleged scheme to fix prices between 1999 and 2006, a prosecutor told Reuters. Federal Prosecutor Karen Kahn said …