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Even before the ItaúUnibanco merger, Brazil’s financial services sector was dominated Links of London organisations that are by global standards easily large enough to achieve substantial economies of scale. This is one of the reasons Brazil is one of the most exciting of any of the countries whose insurance sectors are profiled by BMI. In terms of its timing the merger roughly coincided with the sale by troubled US insurance group of its stake in a joint venture with Unibanco back to the Brazilian bank. The deal is noteworthy because despite ’s need to raise cash to repay funds borrowed from the US Treasury, Links of London B Charm few of its many insurance businesses have actually been sold. ’s Nan Shan operation in Taiwan is the other large insurer that has been disposed of. The ItaúUnibanco deal is also noteworthy because it combines the now fully owned insurance operations of Unibanco with those of Itaú within a huge financial services empire that has an extensive branch network in Brazil. Time will tell the extent to which Unibanco and Itaú are able to achieve substantial rationalisation benefits within their insurance operations and whether these gains flow mainly to shareholders or customers. Bancassurance is one of several Links of London Back To School Chubby Black Pencil Charm options that are exploited by the major insurers. Bradesco’s insurance arm is, by some measures, the largest insurer in Latin America. It distributes by way of its own branch network and , brokers. Although some of the large Brazilian insurers are elements of the leading banking groups and others, such as Porto Seguro and SulAmérica, are independent insurers, what they all have in common is that they are essentially composite insurers. Through a variety of subsidiaries, they offer voluntary auto insurance CASCO, but typically including roadside assistance as well, property Links of London Back to School Chubby Blue Pencil Charm, lifesavings products and capitalizacao savings bonds. Lifesavings products include private pension previdência aberta plans as well as Vida Gerador de Beneficio Libre VGBL and Plano Gerador de Beneficio Libre PGBL products. The VGBL and PGBL products are flexible premium deferred annuity schemes that differ mainly in the way they are taxed.