Pinheiro Neto assists Caixa Seguridade with CNP partnership

Brazilian law firm Pinheiro Neto has advised CAIXA Seguridade Participações on amendments to its framework agreement with CNP Assurances for the incorporation of a new company that will jointly explore life and credit life insurance lines and private pension plans in Caixa Econômica Federal’s distribution network.



The amendment to the agreement extends the original partnership agreement by five years, to February 2046, and which envisages the incorporation of a new holding, distinct from the structure of the current partnership, carried out through Caixa Seguros Holding.



Under the new agreement, CAIXA Seguridade will hold 60 per cent of the economic rights of the new holding, owning 49 per cent of the voting shares of the new company, while CNP will hold 40 per cent of the economic rights, with a 51 per cent share pf the vote. 



As part of the new partnership, CNP will pay 7 billion reais ($1.6 billion), with the possibility of incentive mechanisms linked to outperformance criteria in terms of volumes and margins being paid over the first five years capped at 800 million reais ($192.8 million).


Pinheiro Neto’s team was led by partner Fernando Mirandez Del Nero Gomes (pictured) and also featured associates Rodolfo Figliolini Schreuders and Leonardo Baracat Bedicks.