Porto Seguro S.A. history started in 1945, when the company began to sell insurance in the city of São Paulo. At that time, it was a small company ranked as the 44th insurance company in Brazil and composed of only 25 employees. Currently, Porto Seguro is the 3rd largest insurance company in the country and the leader in the automobile, residential and commercial segments. The company has an operational structure and distribution chain of approximately 14 thousand employees, 35 thousand independent brokers, 12 thousand service providers and 120 branches spread across the country.
Porto Seguro has approximately 11 million clients distributed across different business lines and is recognized for its word-class customer and broker service and for the high quality of the offered services.
In 2003, the company expanded its market reach through the acquisition of Azul Seguros, which is mainly focused on offering auto insurance. Prior to this acquisition, Azul Seguros was called AXA Brasil and was a subsidiary of the multinational French insurance company AXA,.
In 2009, Porto Seguro and Itaú Unibanco Holding celebrated a business combination involving their home and auto insurance operations, whereby Porto Seguro obtained the exclusive right to offer and distribute residential and auto insurance products in the Itaú’s sales channels. This business combination made it possible for both companies to combine their standards of excellence, offering products that are more suited to the various market segments, through the brands Porto Seguro, Itaú Auto and Residência and Azul Seguros.
The business combination between the two companies changed the corporate structure of Porto Seguro, so that today the controlling block is made up of the Garfinkel family and Itaú Unibanco, which hold, respectively, 40.4% and 30.4% of the shares. The 29.2% of the remaining shares are traded in the stock exchange.
Porto Seguro has implemented innovative and synergistic solutions to the insurance businesses, enabling the company to enhance the loyalty of its clients. As a pioneer in the development of a wide range of products and services, the Company launched the policyholder profile for risk underwriting analysis, the Car+Home Insurante, Auto Repair Shops (CAPS), Fast Convenience Center (CAR), Bike Assistance and other products such as Health insurance, Credit Card and Consortium, among others.
Recently, Porto Seguro segmented its businesses into four verticals: Insurance, Healthcare, Financial Businesses and Services. It aims to increase autonomy and the focus on each business, leveraging solutions that drive operation growth.
Among Porto Seguro’s most recent launches, there is Bllu, a subscription insurance with more affordable prices and the potential to contribute to market expansion by including new clients that still do not have auto insurance; Carro Fácil, a new car subscription service with a fixed monthly fee; Tech Fácil, a subscription service for smartphones; Porto Cuida, a subscription service that offers laboratory, doctor’s office and telemedicine services at more affordable prices; Aluguel Essencial, a landlord insurance more agile, digital and cheaper than the traditional product; and Reppara, a repair assistance service for retails and business-to-business operations.
In addition, among Porto Seguro’s most recent initiatives, it also stands out its M&A deals, such as the acquisition of part of Segfy, which offers technological and innovative solutions for brokers; the transaction with Petlove, which involved the transfer of Porto.Pet (veterinary medicinal services), allowing Porto Seguro to be a partner of the largest company in Brazil for online sales of pet products; and the acquisition of ConectCar, one of the main companies in the segment of automatic payments in toll roads, parking lots and drive-thrus as well as other services, through tag.