Banco BTG Pactual S.A. is in advanced talks regarding divesting 51% stake in PAN Seguros S.A. with AXA Group (ENXTPA:CS) and MetLife, Inc. (NYSE:MET), among firms bidding, three sources familiar with the matter said. Other firms in race are Zurich Insurance Group AG (SWX:ZURN), Assicurazioni Generali S.p.A. (BIT:G), Liberty Mutual Holding Company Inc., CNP Assurances Société anonyme (ENXTPA:CNP) and some major Japanese insurers, said the sources. "Bidders are queuing up because of the lack of available targets in Latin America," one of the sources said.

BTG Pactual aims to finalize a deal by the end of the first quarter and has asked bidders to submit binding offers in February 2016, the sources said. First round bids in December valued the business at between BRL 1 billion and BRL 1.3 billion. AXA and MetLife submitted the highest offers in the initial bidding round, one of the sources said.