PARIS, March 20, 2013 /PRNewswire/ --
CNP Assurances, via its Brazilian subsidiary CAIXA SEGUROS, has finalised the acquisition of 70% of the outstanding shares of Previsul, a personal insurer present in Brazil for 106 years, particularly in the state of Rio Grande do Sul. Completion of the transaction is subject to approval by SUSEP, the Brazilian insurance supervisor.
This BRL 70-million (€27 million) investment is aligned with the growth strategy of CAIXA SEGUROS, which is active in life, pension, personal risk, property and casualty and health insurance.
The acquisition of Previsul is designed to strengthen the Group's operations in Southern Brazil, a market of 24 million people with a strong regional identity.Founded in 1906, Previsul is a personal insurer with a portfolio of nearly 600,000 policyholders, 143 employees and close to 3,000 partner brokers. In 2012, the company reported revenue of BRL 146.5 million (€57 million) and net profit of BRL 5.9 million (€2.3 million). As part of CAIXA SEGUROS, Previsul will maintain its assertive commitment to serving Southern Brazil as a major insurance company and step up its growth drive. "This acquisition is seamlessly aligned with our goal of expanding in Brazil by extending our geographic coverage and diversifying our distribution channels." said Frédéric Lavenir, CNP Assurances's Chief Executive Officer. About Caixa Seguros Caixa Seguros, owned by CNP Assurances (51.75%) and by banking partner Caixa Econômica Federal, is Brazil's fifth largest insurer, with eight million policyholders. In 2012, it reported record high net profit, up 21% year-on-year to BRL 1.22 billion (€470 million), on revenue of BRL 7.97 billion (€3.1 billion). About CNP Assurances