Patrick Larragoiti, a representative of the Larragoiti family who has the majority control of Brazilian insurance company SulAmerica, said in a statement that there are no considerations for endorsing the company's stock to be listed in the "Novo Mercado" chapter of Sao Paul Stock Exchange.

During a conference call, Patrick told investors that he has no plan to list their stock of the company in the chapter.

The Novo Mercado is a section of the Sao Paulo Stock Exchange in which there is a trading of shares at a premium due to rising corporate governance.

Under the section's terms and conditions, all listed firms are compelled to convert the shares that they prefer into one voting stock.