PicPay, part of J&F Group, has submitted a request to Brazil’s antitrust regulator to acquire Kovr Seguradora, according to a filing made last week to the Administrative Council for Economic Defense. The value of the transaction was not disclosed publicly.

The deal also requires clearance from the Superintendence of Private Insurance, which oversees the insurance market, Folha reported.

Kovr had previously been controlled by Daniel Vorcaro and was transferred to its executives through a management buyout before the liquidation of Banco Master. 

Minority shareholders, including chief executive Thiago Leão de Moura, operations head Eduardo Viegas and commercial director Renato Rennó, assumed ownership.

PicPay told authorities that detail on the sellers were not necessary for the competitive review.

“The waiver of this information is standard practice within the scope of CADE (Brazil's antitrust authority) in this type of operation,” the company said.

In the filing, PicPay said the acquisition would allow it to broaden activities into insurance, capitalisation products and open private pension services, areas it considers complementary to its platform.

The transaction also includes brokerage Estrutural, linked to relatives of Kovr’s managers. Kovr had already been excluded from earlier negotiations involving BRB.