(Image: REUTERS/Paula Arend Laier)
PicPay (PICS), controlled by J&F Investimentos, owned by the Batista family, reported this Thursday (23) that it received final regulatory approval from the Central Bank (BC) for the acquisition of Kovr Participações and its subsidiaries, a technology company focused on the digital insurance market.
Kovr joined the group Master Bank between 2021 and 2025. Before being sold to PicPay, the insurance company underwent a corporate reorganization and was acquired by its own executives, ceasing to be part of the conglomerate controlled by Daniel Vorcaro.
The BC’s authorization follows the endorsements already granted by the Administrative Council for Economic Defense (Cade) and the Private Insurance Superintendency (Susep). With all regulatory approvals obtained, the company will continue with the remaining steps to complete the transaction, which still depends on compliance with the usual closing conditions.
According to PicPay, the acquisition is part of the strategy to develop an integrated insurance platform for its base of more than 68 million customers. The company highlights that Kovr adds technology, operations and products in different lines of insurance, in addition to a consolidated client portfolio.
Currently, PicPay claims to have more than 10 million active policies on its platform. With the completion of the purchase, the company hopes to accelerate the transition from a model focused on insurance distribution to a vertically integrated platform, expanding the product offering, improving unit economics and offering a more integrated experience to customers.
According to PicPay CEO, Eduardo Chedid, the approval represents a milestone in strengthening the company’s insurance platform.
Source: www.moneytimes.com.br
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