BB Seguridade Participações S A : 01/22/2021 Information to the Market – Related Parties Transaction (ICVM 480, Appendix 30-XXXIII)
January 22, 2021 at 04:26 pm EST
Share
Information to the Market - Related Parties Transaction (ICVM 480, Appendix 30-XXXIII)
Download Version
Pursuant to the Brazilian Securities and Exchange Comission ('CVM') Rule Nr. 480/09 (Appendix 30-XXXIII), BB SEGURIDADE PARTICIPAÇÕES S.A. ('Company') hereby informs that on January 13th, 2021 it was established the following related parties transaction:
Transaction description
Formalization of Specifc Operational Agreement ('Specific Agreements'), to distribute the Home Insurance ('Home Insurance').
Related parties names
BB Corretora de Seguros e Administradora de Bens S.A. ('Corretora'), Banco do Brasil S.A. ('Banco'), Brasilseg Companhia de Seguros ('Seguradora'), Aliança do Brasil Seguros S.A. and BB Mapfre Participações S.A.
Relation between the parties and the Company
BB - Controller
BB Corretora - Controlled company
Brasilseg - Affiliated company
Aliança do Brasil - Affiliated company
BB Mapfre - Affiliated company
Agreement object
To set the rights and duties of the parties related to the distribution of Home Insurance products with the intermediation of BB Corretora.
Terms and conditions of the agreement
The Specific Agreement is part of a major agreement named General Operational Agreement for Operation of Insurance Segment, and establishes, among other settlements, the remuneration to be paid by Brasilseg to BB Corretora as a percentage of the insurance premiums written.
Under the agreement, BB is responsible for receiving the premiums paid by the clients and then transfer it to Brasilseg, net of BB Corretora's commission fee. For this and others banking services, BB is remunerated by Brasilseg through the payment of fees which are a percentage of the insurance premiums written.
The Specific Agreement will last from the date of its signature, remaining for a period of 5 (five) years, automatically extendable for equal periods.
Participation of the Counterparty or its Shareholders and Management during the Company's decision process
The counterparty did not participate of BB Seguridade's decision and did not act as its representative during the transaction negotiation.
Reasons for the company to conduct the transaction with the related and not with third parties
The Company would not be able to conduct the transaction with a third party other than Brasilseg, Aliança do Brasil and BB Mapfre, since the Operational Agreement provides exclusivity between the parties to develop and to distribute insurance products, which are the object of the transaction.
Description of measures and procedures adopted to assure the arm's length format of the transaction
All the conditions were analyzed and validated by BB Seguridade, BB Corretora, Brasilseg, Aliança do Brasil and BB Mapfre's technical divisions and then approved by BB Seguridade's Board of Directors and appreciated by the Related Parties Transactions Commitee as provided in the Company's Related Parties Transactions Policy.
Brasilia, January 22nd, 2021
RAFAEL AGUSTO SPERENDIO
CFO
Attachments
Original document
Permalink
Disclaimer
BB Seguridade Participações SA published this content on 22 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 January 2021 21:25:02 UTC
BB Seguridade Participacoes is an insurance group organized around two main areas of activity:
- insurance brokerage and reinsurance (69.4% of revenues);
- insurance (30.6%): life insurance and non-life insurance (vehicle, house, accident, travel insurances, etc.).