Galapagos Capital has partnered with insurance broker MDS Brasil to offer insurance and risk-management solutions through its wealth management, investment banking and asset management businesses. The agreement gives Galapagos exclusive rights to market the products, according to the report.
Galapagos, which has more than R$45 billion under management, will offer individual policies including life insurance, cover for high-end cars and home insurance. Business clients will also be able to access property and liability insurance, group life and health cover, and financial products for guarantees and credit.
The partnership also includes more complex offerings that combine financial instruments with risk management, such as the LRS (Letra de Risco e Seguro), or Insurance Risk Note.
Galapagos partner José Ermírio de Moraes said the company sought to add insurance to its financial services and found MDS to be a suitable partner. MDS Brasil CEO Ariel Couto said Galapagos clients would gain access to protection products in addition to the investment and credit solutions already available to them. The offering follows completion of the regulatory approval process.
Sources: Folha Mercado.