Nationwide unit, Icatu Hartford to form pension partnership

Brazil's Icatu Hartford insurance group will form a pension distribution partnership with the local subsidiary of US-based insurer Nationwide, following the latter's decision to exit the country, Nationwide Brazil and Icatu Hartford said in a joint statement. A shift in its international strategy prompted Nationwide to sell its Brazilian subsidiary to four of the company's executives. The sale and the distribution partnership are subject to regulatory approval. Under the terms of the distribution deal, Icatu Hartford will take over Nationwide Brazil's pension portfolio and be responsible for administering future pension sales. The partnership with Icatu Hartford "ensures an easy and safe transition for our pension customers and allows us to focus more on the life segment of our business," said Nationwide Brazil president Philip Healey. Nationwide Brazil has 30 offices and 500,000 clients with annual life insurance premiums of about 100mn reais (US$38.5mn). Icatu Hartford is one of Brazil's largest life and pension companies, with 4 million clients and 2bn reais in assets.