Aiva has announced it is selling its stake in Brazilian insurance firm DM10 to XP Group.
Over 3 years ago, Aiva announced the acquisition of a minority stake in DM10, a company that operates in the Brazilian market with great prospects, focused on the insurance industry.
Throughout this period Aiva contributed to DM10´s exponential growth, developing the digital platform that DM10 offers to its advisors, helping with ongoing training through Aiva University, and in setting up the distinguished annual conferences offered by DM10, like the one that took place last March in Punta del Este with over 300 attending advisors.
Aiva is really proud that all the work we’ve been doing over the past 3 years is valued by such an important company as XP Group."
This, together with the sales leadership of its sales directors, has enabled DM10 to create a network of over 1,000 advisers in key cities of Brazil like Sao Paulo, Rio de Janeiro, Porto Alegre, Brasilia and Belo Horizonte, among others.
DM10's impressive growth and development generated interest among important companies. Following several negotiations, last June 9th the sale of the entire shareholding stake to XP Group was announced. XP Group is one of the most important financial services companies operating in Brazil, listed in the NYSE at the end of 2019.
"We are extremely pleased with the sale of DM10 to XP Group, this will lead to a major leap forward for DM10 at a local level, and will undoubtedly allow it to continue on the solid development and growth path it has been on since 2017," said Agustín Queirolo, director at Aiva.
Elizabeth Rey, CEO at Aiva, added: "Aiva is really proud that all the work we've been doing over the past 3 years is valued by such an important company as XP Group, and the outcome of this sale will enable us to invest and focus on other expansion projects which are part of our strategic plan."