French insurer CNP Assurances has confirmed it has entered into exclusive negotiation with asset manager BTG Pactual in Brazil, in order to acquire 51% of its subsidiaries, PAN Seguros and PAN Corretora.
In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d’Epargne, as well as through its own network: Amétis.
In Brazil, its second largest market, the Group’s partner is Caixa Econômica Federal, the country’s second-biggest state-owned bank.
The negotiation with BTG Pactual in Brazil comes after Life Insurance International reported in December 2014 that CNP Assurances had finalised the acquisition of 51% of Santander Consumer Finance’s life and non-life insurance subsidiaries after obtaining the necessary regulatory approvals.
Aside from its presence in France, CNP Assurances Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has more than 28 million personal risk/protection insureds worldwide and more than 13m savings and pensions policyholders.