Porto Seguro has declared in a regulatory filing that talks didn't move forward to combine its car insurance business with the Bradesco Auto RE unit of Bradesco
Brazil-based automobile insurer, Porto Seguro has announced that discussions with Banco Bradesco about a possible combination is now over. This ended months of speculation that sent the insurance company’s shares sharply higher – reported Reuters.
Porto Seguro has declared in a regulatory filing that talks didn’t move forward to combine its car insurance business with the Bradesco Auto RE unit of Bradesco.
The company’s shares have jumped 12% since June 30, when Porto Seguro disclosed it was holding preliminary talks with Bradesco.
Bradesco has business in life and health insurance segment, but lags in the automobile market. The bank’s insurance and retirement business accounts for about one-third of profits.
Porto Seguro also offers health and life insurance, as well as home owner’s insurance.