January 6, 2021
Caixa Seguridade, the insurance business of Brazil's federal savings bank Caixa Econômica Federal, said it has formed a new company with Japan's Tokio Marine to market mortgage and home insurance products in the local market.
Tokio Marine and Caixa signed an agreement in January last year to sell insurance products through the bank's branches in Brazil for 20 years. The two companies ended that agreement, however, to create the new company called XS3, Caixa Seguridade said in a securities filing
Brazil's state-owned savings bank receives $30 mln from the Japanese insurer to create a company called XS3