NU Online News Service, July 17, 3:08 p.m. – Prudential Financial Inc., Newark, N.J., says it will be splitting from Bradesco Seguros Group, Rio De Janeiro, Brazil, its longtime partner in the Prudential-Bradesco Seguros life insurance joint venture.
Prudential has agreed to acquire control of the venture by buying the 58,000 registered Prudential-Bradesco shares held by Bradesco Seguros. Prudential hopes to complete the deal, which requires regulatory approval, later this year, then rename the unit Prudential do Brasil Seguros de Vida S.A.
Prudential and Bradesco have been partners in the Brazilian life insurance market for 26 years.
“Bradesco Seguros has been a tremendous help to us in understanding the Brazilian marketplace, and we could not have asked for a better partner,” Ira Kleinman, executive vice president of Prudential’s international insurance business, says in a statement about the proposed split.
But Prudential believes that buying out Bradesco Seguros will help it speed up the growth of its Brazilian life business, Kleinman says.