XL Capital Ltd in Bermuda and Brazil's Banco Ita? Holding Financeira S.A. said last week that they have entered a definitive agreement to form a joint venture insurance company in Brazil.
The announcement follows the Jan. 30 news that both parties had signed a memorandum of understanding. The joint venture is subject to final regulatory approval.
The new insurance company, ITA? XL Seguros Corporativos S.A., will combine the current Brazilian property, casualty and specialty commercial insurance business of S?o Paulo, Brazil-based ITA? bank and XL and will operate in Brazil's commercial insurance market.
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