To provide a complete product and services portfolio in the Brazilian and Uruguayan markets

Itau Unibanco Holding and Porto Seguro have entered into an alliance aimed at the unification of residence and automobile insurance operations. This is in addition to an operational agreement for the exclusive offer and distribution of homeowner and auto insurance products to clients of Itau Unibanco’s branch network in Brazil and Uruguay.

The alliance will be implemented through a corporate restructuring.

Under the terms, Itau Unibanco shall transfer all the assets and liabilities related to its current portfolio of homeowner and auto insurance to a company that will be named Itau Unibanco Seguros de Automovel e Residencia.

The new company, with stockholders’ equity amounting to R$950 million, will be transferred to Porto Seguro. In its turn, Porto Seguro shall issue shares representing 30% of its new capital stock to Itau Unibanco. The controlling stockholders of Porto Seguro and Itau Unibanco will establish a new company, named Porto Seguro Itau Unibanco Participacoes, which shall retain all the shares issued by Porto Seguro owned by them.

The current controlling stockholders of Porto Seguro shall remain as controlling stockholders of PSIUPAR that, in turn, shall be the parent company of Porto Seguro.

Itau Unibanco Seguros de Automovel e Residencia shall be managed by Porto Seguro, which is going to utilize the trademarks Porto Seguro, Itau Unibanco and Azul to offer different products and services in sales channels.

Itau Unibanco and Porto Seguro believe that by means of this transaction they will provide a complete product and services portfolio in the Brazilian and Uruguayan markets to millions of clients and especially to their wide Insurance Brokers network.

The senior management and employees of Itau Unibanco who work in the auto and homeowner insurance businesses will be allocated to Itau Unibanco Seguros de Automovel e Residencia.

The completion of the partnership is dependent on the approval of stockholders, SUSEP – Superintendencia de Seguros Privados and SBDC – Sistema Brasileiro de Defesa de Concorrencia.