The transaction will create a leading commercial large-risk insurer in Brazil.
On October 13, Willkie client Swiss Re Corporate Solutions Ltd, the commercial insurance arm of Swiss Re Group, announced that it has signed definitive agreements to establish a joint venture with Bradesco Seguros, the insurance conglomerate of Bradesco Group, to establish a leading commercial large-risk insurer in Brazil.
Pursuant to the definitive agreements, Bradesco Seguros will contribute its commercial large-risk portfolio to Swiss Re Corporate Solutions Brasil Seguros S.A. (SRCSB) in exchange for a 40% equity stake in SRCSB, while Swiss Re Corporate Solutions Ltd will retain a 60% equity stake in SRCSB. The definitive agreements include SRCSB’s exclusive access to Bradesco Seguros’ distribution network. As part of the transaction, Bradesco Seguros’ team of professionals responsible for commercial large-risk business in São Paulo and Rio de Janeiro will join SRCSB. Completion of the transaction is subject to approval by the relevant authorities and other customary closing conditions.
The Willkie deal team was led by partners Gregory Astrachan and Rajab Abbassi and included counsel Elizabeth Bannigan and associates Julian Golay, Andres Ordoñez, Erin Kinney and Patrick Horan. Partner Christopher Peters and associate David Stauber advised on tax matters, employment advice was rendered by partner Jordan Messinger and compliance advice was provided by partner David Mortlock. Valuable assistance on the transaction was provided by associates Bradley Friedman and Anush Yegyazarian.