CNP Assurances, a major French insurance corporation, and the insurance unit of Brazil’s state-owned lender Caixa created a new insurance joint venture. CNP will pay $1.1bn for a 40% stake in the joint venture, that has a contract to sell life insurance contracts through 2041. Caixa will own the remaining 60%. The new joint venture ends a previous agreement between CNP and Caixa to sell all kinds of insurance. Caixa may now look for new partners to sell home and auto insurance policies. The bank said in the filing it expected to complete agreements with the new insurance partners by the end of 2019. "CNP Assurances is pleased to have concluded this new agreement, which allows extending in the long-term the successful partnership between CNP Assurances and Caixa Econômica Federal. This new agreement sustainably consolidates the presence of CNP Assurances in the Brazilian insurance market, which continues to offer good prospects for profitable growth " Frédéric Lavenir, CNP Assurances’ Chief Executive Officer.