Pinheiro Neto steers Tokio Marine on joint venture with Caixa Seguridade

Pinheiro Neto has assisted Tokio Marine on the $276.5 million transaction

Tokio Marine Seguradora S.A. and Caixa Seguridade Participações S.A. will form a joint venture, as an insurance company, that will have exclusive rights to explore for 20 years the home and residential insurance segments in the distribution channels of Grupo Caixa in Brazil.

The home and residential segments are, by far, the most relevant insurance segments of the distribution channels of Grupo Caixa and the deal will be one of the most critical transactions in the Brazilian insurance market in 2020/2021.

Tokio Marine will hold 50.01% of the ordinary shares of the JV and Caixa Seguridade 49.99% of the ordinary shares and 100% of the preferable shares, resulting in a 25% total equity ownership for Tokio Marine and 75% total equity ownership for Caixa Seguridade.

Tokio Marine was selected after a long and disputed bidding process involving the leading Brazilian insurance companies.

Tokio Marine was advised by a Pinheiro Neto Advogados team led by partners Carlos Alberto Moreira Lima Jr. (pictured left), Diógenes M. Gonçalves Neto (pictured centre), and Carlos Eduardo Gazineu de Azevedo (pictured right), and which involved associate Mariana Magalhães Lobato.

Caixa Seguridade was assisted in the signing of the joint venture by Machado Meyer Sendacz Opice Advogados partners Thiago A. Spercel and Lucas Zamproni, associates Pedro Henrique Ricco Verzemiassi and Victor Goulart Lazarini On the closing of the deal the Sampaio Ferraz Advogados team assisting Caixa Seguridade was formed by partner Beatriz Trovo Pontes de Miranda and associate Luisa Esher Serrano.