Pernambucanas and Axa renegotiate billion-dollar partnership

Retailer Pernambucanas and French insurer Axa are renegotiating the sealed marriage just over three years ago and expected to last a decade. The mid-way talks aim to increase the business involved and extend the contract term. As a result, an additional payment of the so-called upfront is expected – an advance amount of the expected gains with Axa's partnership with Pernambucanas. Bigger cake. In the contract closed in 2016, Axa began to manage all insurance and assistance of the retailer in a business estimated at R$ 2 billion in revenues. The idea now is to increase this range from both the portfolio and financial volume. Niche. At the time it sealed with Pernambucanas, the retailer became Axa's largest customer in Brazil. Since then, the French company has expanded its presence in the retail sector and today has other names in its portfolio such as Leroy Merlin. Wanted, Axa didn't comment. Pernambucanas did not return until the note was closed.