The insurer announces the conclusion with Caixa Seguridade, its Brazilian partner, of a “memorandum of understanding (…) relating to the product ‘consorcio’”.
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CNP Assurances, French giant in the sector, announced Friday that it would expand its Brazilian partnership, one of its main sources of income, to savings products.
The insurer, whose capital is dominated by the public via the Caisse des Dépôts, “announces the conclusion with Caixa Seguridade”, its Brazilian partner, of a “memorandum of understanding (…) relating to the product ‘consorcio ‘”, Can we read in a press release.
The “consorcio” is a savings system in which clients pool their funds in order to obtain loans at an advantageous rate in return. It mainly concerns automobile and real estate financing.
The operation, which provides for CNP to pay around 40 million euros to its partner, accentuates the presence of French in Brazil, one of its main markets. CNP already supplied provident, borrower insurance and retirement products to Caixa Seguridade, which in turn distributes them.
The new operation, which must be finalized in early 2021, should give rise to a twenty-year partnership.
It will also go through a joint venture between CNP, which will hold a quarter of the capital, and Caixa Seguridade, which will own the rest.
“CNP Assurances is delighted with the conclusion of this new agreement, which contributes to a lasting increase in its presence in the Brazilian insurance market,” said Antoine Lissowski, CEO of CNP Assurances, who has been integrated into Banque Postale. in the first semester.
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