Sifting through the opposing rulings on the legality of the subsidies on the federal health insurance exchange.
SAO PAULO, Brazil, May 27 /PRNewswire-FirstCall/ -- SulAmerica, the
largest independent insurance group in Brazil, and the financial arm of the
Votorantim group, represented by VCS Corretora de Seguros, an insurance
broker, BV Financeira, a consumer finance organization, and BV Leasing,
announced today that the organizations have entered into an exclusive
agreement to offer SulAmerica's automobile insurance through the
points-of-sale network of BV Financeira and BV Leasing.
The agreement, which is for a five-year period, will allow SulAmerica
automobile insurance policies to be offered through VCS Corretora de Seguros
at BV Financeira and BV Leasing's network of more than 18,000 points-of-sale
across the country. The companies expect that a large portion of BV's nearly
80,000 monthly financing transactions will include the purchase of
SulAmerica's auto insurance policies, generating at least R$500 million in
additional auto insurance premiums over the next five years.
The partnership will begin in the next month with a pilot project and will
expand into the entire network of BV Financeira and BV Leasing within 90 days.
The agreement also envisages that SulAmerica and VCS will offer auto insurance
to the entire client base of BV Financeira and BV Leasing built over the past
years, with the support of customer relationship management tools.
Both companies are very optimistic about the expansion of vehicle
financing to individuals, which accounted for nearly 70% of automobile sales
made in 2007, and the partnership's capacity to leverage sales of auto
The automotive market has benefited greatly from the recent reduction of
interest rates coupled with more favorable payment terms -- last year alone,
around 2.3 million new cars were given licenses, while sales of used vehicles
totaling close to 7 million units. In the first quarter of 2008, sales of
cars, trucks and light commercial vehicles recorded an impressive 30% growth
year on year.
CONTACT: Sara Dalsin, +011-5511-3779-7615, or Daniela Campos, +011-5511-3779-5045, or Solange Guimaraes, +011-5511-3779-7614, all of Sul America, firstname.lastname@example.org; or Guilherme Ravache, Edelman, +011-5511-3017-5306, email@example.com, for Sul America