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Porto and CDF, Assistance and Digital Support, Announced on the 12th the Creation of a New Service Provider Company in the Sector
The alliance created by Porto and CDF will unite all operations performed by both companies, including all service areas of Porto, an insurance company that has become a reference in services provided to clients, assisting from repairing clients’ showers to the recovery of cars that had some problems on the road. The company, which is still awaiting approval from Cade (Administrative Council for Economic Defense), will emerge as one of the largest in the country in services and will have a revenue potential of around R$ 2 billion per year.
Additionally, the company will encompass a large part of CDF’s operations, a company founded in 2007 and inspired by a service delivery model from the United States. When created, CDF attracted a private equity fund from BTG Pactual, which invested R$ 350 million into the business last September.
The new company from CDF and Porto is also planning a new creation, Porto Assistance and Participation, which will be 80% owned by Porto and 20% by CDF’s shareholders.
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Company Created by Porto and CDF Will Bring Together Services Executed by Both Companies
The new company being developed by Porto and CDF will bring together 100% of the sectors that handled the assistance and services part of the Porto insurance company. As highlighted by Marcos Loução, CEO of Porto Seguro Bank, the new company will have the potential to achieve Ebitda (earnings before interest, taxes, depreciation, and amortization) of R$ 400 million annually and profits of R$ 1.9 billion. He further concludes by saying that the market in which the company operates has significant growth potential.
Only Porto Insurance provides, on average, 4.5 million assistance services annually. CDF performs about 1.4 million services and has a base of approximately 9 million clients, most of whom are not even aware that they use CDF’s services, as CDF often acts on behalf of partner companies such as Vivo, Via, Carrefour, and Magazine Luiza.
The new company being prepared by Porto and CDF will be led by Eugênio Staub Filho, an executive who is currently the CEO of CDF and has experience with groups such as Gradiente and banks like Goldman Sachs and Bank of America.
Staub has been with CDF since its inception. The CEO of the company reports that CDF currently operates in three main areas that complement Porto’s insurance operations. The areas where the companies collaborate are: providing technical support for the public, such as configuring WiFi networks; installing products like Smart TVs and refrigerators; and also providing repair services such as locksmithing and maintenance of gas heaters.
Quality of Services Provided by the Companies
Porto Assistance currently has 4,200 service providers and 4,400 standard recovery networks. In addition, the company has over 2,000 rescuers and 1,100 exclusive vehicles.
In this context, the company provides around 4.5 million services annually, equally distributed between automotive and residential services. “We have undeniable reach, with a wide network of fast and efficient suppliers across the country. For customers and insured parties, nothing has changed. We will continue to be a reference in work, quality, and reliability of Porto’s products,” said Loução.
Another characteristic of Porto Assistance insurance is the continuous renaming process so that clients can always use the tools and vehicles that best meet their needs. The company develops equipment based on the experience gained over the years of operation. Moreover, since 2008, suppliers have been using electric bicycles to provide services. In 2020, the company achieved and began operations of Brazil’s first electric tow truck.
Currently, the fleet includes 50 bicycles, one motorcycle, 5 trucks, and 16 vehicles, which together prevented the emission of 35.38 tons of CO2. The company also has extensive experience in emergency response. For example, it pioneered the use of a jet ski for rescues during floods. Just this year, the company sent teams for special projects to respond to landslides and floods that affected the cities of Minas Gerais, Bahia, São Paulo, and Rio de Janeiro.
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