Brasil Insurance acquires SHT Management & Insurance Brokerage Ltd
The Brazil Insurance Holdings and Management SA ("Company"), open joint stock company with shares traded on the Bovespa's Novo Mercado under the symbol BRIN3, in compliance with CVM Instruction 358/2002, informs its shareholders and the market general, according to its strategy of growth through the acquisition of holdings in insurance and reinsurance brokerage, signed an agreement on December 9, 2011 by acquiring control of the SHT Management and Insurance Brokerage Limited., hereinafter "SHT" , the 35th of the Brazil Group Insurance broker. The SHT, based in Sao Paulo, is an insurance broker that operates in the benefits, primarily selling life insurance, personal accident, health and dental plans. His expertise in the educational sector, the Company will add approximately 200,000 insured lives strengthening the position of Brazil Insurance in this niche market. The broker sold in 2010 approximately $ 13 million in insurance premiums.
The Brazil Insurance will hold 99.80% of the shares representing the capital of the SHT. The acquisition value is $ 3.6 million added to 4 (four) annual variables, calculated based on an earn-out structure, depending on future results of SHT. The total estimated price for this acquisition is $ 10 million, 50% paid in cash and shares of 50% in Brazil Insurance.