Broker group Assurê to launch pension arm in Oct.

Brazilian broker Assurê Corretora de Seguros will launch a private pension plan arm in October to increase its focus on Brazil's rapidly growing pension business, the news service of local broker certification center CQCS reported. Today the group engages in the brokerage of life, accident, auto and health insurance as well as private pension plans on a very limited scale. The ailing state of Brazil's state run pension systems have resulted in surging demand for private pension plans, which has become the fastest-growing segment within the local insurance industry. Assurê estimates that the new pension division could represent some 40% of total group billing in some four years. Today, billing from private pension plans only equals around two percent group-wide. Assurê sees a very attractive cross-selling potential between its life client base and the new pension arm. "The one who buys a life policy is also a potential pension plan buyer," Assurê group chairman Henrique Brandão said. Rio de Janeiro-based Assurê has a nationwide presence and works with 200 companies and 320,000 clients. The group is also active in brokering international reinsurance contracts.