CNP Assurances adds to Brazil insurance portfolio with Tempo purchase

French insurer CNP Assurances has agreed to buy Brazilian insurer Tempo Dental for BRL133.6m ($55.9m), it said on Wednesday. CNP plans to buy the dental insurer through its Brazilian subsidiary, Caixa Seguros, which also bought Brazilian personal insurer Previsul last year for BRL70m. Tempo Participacoes is the seller. The deal is the latest vote of confidence in Brazil’s insurance market, which was underscored by the $5.74bn-equivalent IPO of BB Seguridade last April. Also last year, Bradesco Saude took control of dental benefits provider Odontoprev and Itau Unibanco agreed to buy Banco BMG’s insurance business.