CNP Assurances, through its Brazilian subsidiary Caixa Seguros, has signed an agreement with Tempo Participações to acquire Tempo Dental for BRL 133.6 million (€41.7 million).
Tempo Dental is one of the leading dental insurance companies in Brazil, with more than 524,000 policyholders and revenue of close to BRL 65 million (€20 million) for the first nine months of 2013.
The transaction, which is subject to the approval of Brazil’s anti-trust authorities (CADE) and health insurance supervisor (ANS), will enable Caixa Seguros to expand its offer in health insurance, a segment where the company has been present since 2011.
Caixa Seguros’s Chief Executive Officer, Thierry Claudon said, "The acquisition of Tempo Dental will allow us to address the needs of a large chunk of the Brazilian population-including the 20 million people who have never seen a dentist-by delivering high quality services at low prices via an extensive network of professionals spanning the entire country."
Like last March’s acquisition of Previsul, this transaction is in line with CNP Assurances’ strategy in South America. It will enable its Brazilian subsidiary to expand its distribution network, acquire an operating hub and deepen its presence in the affordable insurance segment.