CNP Assurances confirms 100% acquisition of CNP Consórcios

Written by Michael Griffiths

18/11/2022

CNP Assurances has confirmed its acquisition of the shares held by Caixa Seguridade in CNP Consórcio S.A. Administradora de Consórcios, raising its shareholding to 100%.

CNP Consórcios markets its products to approximately 100,000 customers, with annual volume collected of MBRL 506m in 2021.

The closing is part of a larger deal announced on 14 September 2022, enabling CNP Assurances to pursue its international development strategy by buying out Caixa Seguridade’s interests in five companies that distribute death, disability and health insurance, dental insurance, as well as savings and Consórcio products.

CEO of CNP Assurances, Stéphane Dedeyan, said: “Today we are completing the first stage of an acquisition project that is fully in line with our international and multi-partner development strategy.

“The signing of these agreements will enable CNP Assurances, Brazil's third-largest insurer, to accelerate its development in Brazil by relying on two distribution models: an exclusive long-term partnership with its long-standing partner in Brazil, Caixa Econômica Federal, and new growth drivers under an open model with these wholly-owned acquisitions.”

The closing of the remaining acquisitions is subject to various conditions precedents,CNP Assurances confirmed, including the approval of the relevant Brazilian regulatory authorities.

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