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The history of Porto Seguro S.A. began in 1945, when it started selling insurance policies in the city of São Paulo. At that time, the Company was very small, ranking 44th among insurance companies in Brazil, with only 25 employees. Currently, it is Brazil’s 4th largest insurance company and the leading company in the vehicle and residential segment. The Company’s operational and distribution structure comprises around 13,000 employees, 120 offices and 3,3 thousand Itaú’s banking branches throughout Brazil, in addition to approximately 36,000 independent brokers and 13,000 service providers, under exclusive contracts.
Porto Seguro is the leader in the auto and homeowner segments in Brazil and has around 9 million clients all over the different business lines. The company is recognized by its higher assistance level for clients, brokers, and its efficiency of offered services.
In November 2003, the Company extended its market share in the insurance market through the acquisition of Azul Seguros, which offers vehicle, property and life insurance (excluding private pension plan products). Prior to the acquisition, Azul Seguros’ former name was AXA Brasil, which was controlled by AXA, a French multinational insurance company.
In the fourth quarter of 2009, Porto Seguro and Itaú Unibanco Holding unified their residential and vehicle insurance operations, through which Porto Seguro obtained the exclusive right to offer and distribute residential and vehicle insurance products to customers of Itaú’s branch network (and other channels).
Through this association, Itaú Unibanco now holds 30% of ownership interest in Porto Seguro’s operations. The unification enabled Itaú and Porto Seguro to combine both companies’ standards of excellence in pricing, risk underwriting, and management of benefits in vehicle and residential insurance operations, with a view to offer, more adequate products to meet several market segments’ needs through the following brands: Porto Seguro, Itaú Auto e Residência and Azul Seguros.
Porto Seguro has implemented synergic and innovative solutions to the insurance business resulting in a greater client retention. Pioneer on the development of a wide range of products and services, created the insurance profile in risks underwriting analysis, launched the car+home protection, automotive centers (CAPS) and fast convenience center (CAR), bike assistance, surveillance and monitoring. Also has implemented products as credit card, consortium, among others.
Recently, Porto Seguro has launched more accessible products in the Auto segment, such as: Azul Leve and Azul Popular, having the main objective to enter in new markets and different niches.