Itaú Unibanco boosts insurance business with Avita acquisition

Insurance
26/02/2024 News

Itaú Unibanco's recent agreement to acquire Avita, a leading player in Brazil's judicial surety insurance market, marks a strategic move for the bank. Avita's platform allows clients to efficiently issue, manage, and control various insurance policies, streamlining processes and reducing costs.

The acquisition will occur in two phases, with Itaú Unibanco initially acquiring 80% of Avita's share capital. Avita's founders will retain 20%, and after 5 years, the bank will purchase the remaining stake. Regulatory approvals are pending.

Avita's management will remain autonomous, maintaining its commercial relationships with other institutions to expand market share. Itaú Unibanco aims to leverage Avita's innovative technology to enhance insurance distribution for its corporate clients, particularly in guarantee and financial lines.

Eduardo Domeque, Itaú Unibanco's Director of Insurance, sees the acquisition as strategic amid growing demand for surety insurance. He believes it will strengthen the bank's digital insurance platform, fostering greater client engagement.

Adriano Almeida, Avita's CEO, views the deal as aligned with the company's goal of providing high-value, tech-driven insurance solutions. He sees Itaú Unibanco as the ideal partner to propel this vision forward.

In summary, Itaú Unibanco's acquisition of Avita represents a significant step in expanding its insurance offerings and digital capabilities, positioning the bank to better serve its clients in Brazil's evolving insurance landscape.

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