BB Seguridade S/A (“BB Seguridade”), wholly-owned subsidiary of bicentenary Banco do Brasil, was formed on December 20, 2012. 

The Company is engaged in equity holdings in companies specializing in insurance, capitalization, open private pension plans, private healthcare plan operators, companies that have holdings in other property administration firms, brokerage and viability of business involving insurance companies in the branches of property/casualty, life, and capitalization, pension plans and health insurance, and private healthcare plan operators.

Notwithstanding that the Company was created recently, the performance of the Company's controlling shareholder in the area of insurance, open pension, capitalization and brokerage services started around 20 years ago, according to the history presented below.

In 1996, a company was set up as a product of the joint venture between the Sul América Group and BB Banco de Investimentos S.A., or BB-BI. In the following year the company, operating in the lines of vehicle insurance, was named Brasilveículos.

Aliança do Brasil, the investee of BB-BI in a corporation with Companhia de Participações Aliança da Bahia and whose business purpose consisted of operating with property/casualty and life insurance, was created in 1997.

Pension Plans
Brasilprev was set up in 1993, as a result of the partnership between BB-BI and a group of insurance companies. Afterwards, the Company underwent various reorganizations in its ownership structure until Principal Financial Group acquired interest in Brasilprev and entered into a partnership with BB-BI between 1999 and 2000.

Brasilcap Capitalização S.A., or Brasilcap, was set up in 1995, as a product of the partnership between Banco do Brasil, by means of BB-BI, Sul América Capitalização, Icatu Hartford and Aliança da Bahia.

Insurance Brokerage Segment
Incorporated in 1987, the current brokerage revenues of BB Corretora de Seguros are generated from the sale of insurance, private pension plans and capitalization products in the distribution channels of Banco do Brasil.

Corporate Reorganization

In August 2008, with the acquisition of all the shares issued by Aliança do Brasil by BB-BI, Banco do Brasil started a corporate reorganization process in its area of insurance, open pension and capitalization.

Different corporate movements and operations were carried out by Banco do Brasil in this scenario, with a direct influence on the branch of activity of BB Seguridade, with special emphasis on:

i. Two wholly-owned subsidiaries – BB Seguros and BB Aliança Participações S.A., or BB Aliança were set up in September 2009 and began to concentrate the ownership equity in the insurance, open pension and capitalization businesses after the spin-off of BB-BI;

ii. The partnership between BB Seguros and Principal Financial Group do Brasil Ltda., or PFG within the scope of Brasilprev Seguros e Previdência S.A., or Brasilprev, was renewed on April 30, 2010 for a period of 23 years, bringing the ownership interest of BB Seguros in Brasilprev up from 49.99% to 74.99%;

iii. A partnership was formed between BB Seguros and Mapfre Brasil Participações S.A., or Mapfre Brasil, on May 5, 2010 for a period of 20 years, through the organization of two holding companies: (a) BB Mapfre SH1 Participações S.A., or BB Mapfre SH1, focused on personal insurance, products with strong placement with the customer base of Banco do Brasil, and in which BB Seguros holds 74.99% of the total capital stock, consisting of 49.99% of the common shares and 100% of the preference shares; and (b) Mapfre BB SH2 Participações S.A., or Mapfre BB SH2, focused on property insurance and casualty, products in which the distribution force of the independent brokers is important, and in which BB Seguros holds a 50% stake in the total capital, consisting of 49% of the common shares and 51% of the preference shares. The partnership in question began on June 1, 2011, when BB Seguros and Mapfre Brasil started to operate in a unified manner;

iv. On May 5, 2010, BB Seguros signed a contract of purchase and sale for the acquisition of all the shares representing the capital stock of Brasilveículos held by Sul América Seguros, or Sul América, henceforth holding 100% of its capital;

v. On January 24, 2011, BB Seguros signed a contract of purchase and sale for the acquisition of 16.67% of the shares issued by Brasilcap, held by Sul América Capitalização S.A., or Sulacap, increasing its stake in Brasilcap from 49.99% to 66.66%;

vi. On December 19, 2011, BB Seguros, a wholly-owned subsidiary of BB Seguridade, and Mapfre Brasil signed a contract of purchase and sale for the transfer of shares issued by Mapfre Nossa Caixa to Brasilprev.

Continuing with the restructuring process described above, BB Seguridade was created with the scope of:

(i) consolidating, under a single corporation, all the activities of Banco do Brasil in the area of insurance, capitalization, open supplementary pension and related activities, including any future expansions of these activities, in Brazil or abroad, organic or not;

(ii) delivering economies of scale in these activities and in its operations;

(iii) obtaining reductions in costs and expenses in the insurance segment; and

(iv) increasing the presence of BB Corretora de Seguros e Administradora de Bens S.A., or BB Corretora.

Beyond the Company, on December 20, 2012, Banco do Brasil also organized a new holding company called BB Cor Participações S.A., or BB Cor, to hold ownership interest in the capital stock of BB Corretora and, potentially, in that of other companies that operate in the market as brokers in the trading of insurance, open pension, capitalization and/or health and dental plans.

The BB Seguridade’s Shareholding Configuration can be observed in the specific section of this website.


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