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SulAmerica, BV Financeira and BV Leasing Enter Into Distribution Partnership

Copyright:PR Newswire
Source:PR Newswire
Wordcount:333

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 insurance policies.

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.

SOURCE SulAmerica

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, imprensa@sulamerica.com.br; or Guilherme Ravache, Edelman, +011-5511-3017-5306, guilherme.ravache@edelman.com, for Sul America



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