Tokio Marine, Caixa broker insurance agreement

Tokio Marine, Caixa broker insurance agreement

M&A Brazil Japan Asia

Japan's Tokio Marine has agreed to pay BRL1.52 billion ($374 million) to sell mortgage and home insurance products at branches of Brazil's federal savings bank Caixa Econômica Federal for 20 years. Caixa Seguridade, the bank's insurance division, will own 49.99% of the common shares in the joint venture and all of the preferred shares. Tokio Marine will have 50.01% of the common shares and an overall stake of 25% in the new company, Caixa said in a statement. Caixa also said it will receive roya

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