Maritima, Brazil’s tenth largest insurer, is reportedly actively seeking a foreign insurer to purchase a minority position in the company. The company, which brought in R$1.1 billion (approximately US$480 million) in premiums in 2008 (an 18% increase over 2007), has reportedly retained JP Morgan to locate a partner in order to meet heightened minimum capital requirements imposed by Brazilian insurance regulator SUSEP, to fund desired expansion that the company hopes will make it the fifth largest Brazilian reinsurer within the next five years and to benefit from the experience of a foreign company.

Maritima is one of the few remaining large independent Brazilian insurers active in multiple lines, including health, life and automobile.  The company has reportedly stated that it is not interested in ceding majority control, the size of the share to be sold will depend upon negotiations and it seeks to raise approximately R$500 million (approximately US$ 220 million) through the sale.  The company has received foreign interest in the past, and states that it has recently been in discussion with several potential Asian and European partners.

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