By Brazil Stock Guide — Select Operadora de Planos de Saúde has backtracked on an announcement that said BTG Pactual, Planner and Banco ABC Brasil were providing financial support for its restructuring, at a time when the health insurer is under a special regulatory regime imposed by Brazil’s health insurance regulator, ANS.
Select has been under technical intervention since early September, after ANS identified what it described as “serious administrative and healthcare-related irregularities” that, according to the regulator, threatened continuity of care.
In a new “institutional clarification” published on its website on Thursday, Sept. 17, the company acknowledged that its previous communication had grouped together “commercial and institutional discussions of different natures and at different stages” without adequately defining the scope of each reference.
The change is substantive.
In an initial statement titled “New phase, new partnerships,” sent on Monday, Sept. 14, Select said explicitly that “BTG Pactual, Planner and Banco ABC Brasil financially support” its restructuring. The statement added that financial support had become “one of the central elements” of the process and was backing the new management team as it dealt with the insurer’s liabilities.
Asked by Brazil Stock Guide what that support actually consisted of, Select went further.
In a response sent on Sept. 15, the company said the structure “includes the participation of institutions such as BTG Pactual, Planner and Banco ABC Brasil” and was based on credit instruments.
Select said the arrangement was not an equity injection. It also said funds would be released according to a schedule, subject to accountability requirements, and would be used to address liabilities, restore operational predictability and strengthen the company’s ability to meet its obligations.
The insurer did not disclose the amounts involved or how much had already been disbursed. At the time, it said the structure, amounts and release schedule were protected by banking secrecy rules and confidentiality clauses.
Now, that version has changed.
BTG is not financing the restructuring
In its new statement, Select says explicitly that the reference to BTG did not represent financing for the insurer.
According to the company, BTG’s name arose from “commercial and operational discussions” conducted by Vítrea Administradora de Benefícios in connection with the new structure for Select’s portfolio.
Those talks are still ongoing, Select said, and “do not represent the granting of credit, an equity contribution, an investment or financial support by BTG Pactual for Select’s restructuring.”
The company also said BTG has no role in Select’s management or in its corporate or administrative restructuring.
In the same statement, Select also removed references to Planner and Banco ABC Brasil.
In those cases, however, the insurer did not explain what type of relationship had led it to include the two institutions in its original communication, which had displayed the logos of all three financial groups. Select said only that the earlier statement had failed to properly define “the context, nature and conditions for disclosure” of those references.
The new clarification formally replaces the previous statement. Select also said that future communications involving third parties will be issued only after legal review and, when necessary, authorization to use the relevant name or brand.
Vítrea moves to the center of the new structure
The correction also sheds more light on Vítrea’s role in the restructuring.
In the new statement, Select says its portfolio is now managed exclusively by Vítrea Administradora de Benefícios.
The relationship between the two companies had already been questioned by Brazil Stock Guide. On Sept. 15, when asked whether Vítrea had taken over management, Select’s press office said only that Vítrea was a benefits administrator that “is part of the group.”
The new statement gives Vítrea a broader role, saying it exclusively manages Select’s portfolio.
Select did not disclose the economic terms of the agreement, when the new structure took effect or which contracts and policyholders are covered by it.
ANS rejected attempted change of control
Select’s restructuring also comes after a failed attempt to change the insurer’s ownership.
In response to Brazil Stock Guide, ANS said Select was notified on July 31, 2026 that the regulator had rejected a request for authorization to assume control of the company.
ANS did not disclose who had sought to take control. The regulator said proceedings of this kind are confidential while under review.
“There has been no change in corporate control that is known to ANS,” the agency said, adding that any change in control of a health insurer requires prior regulatory approval.
Select also says its ownership structure has not changed. According to the company, the current restructuring is administrative and operational and includes the appointment of new executives.
At the end of 2025, Select remained formally controlled by Hospital São Francisco de Assis, based in Goiânia, which owned 96.97% of the insurer’s capital.
The company had already disclosed in its 2025 financial statements that it was negotiating the entry of a new investor, without identifying the potential investor or disclosing the size of any transaction.
Although formal ownership remained with Hospital São Francisco de Assis, Select’s operations had been run by executives linked to the Tiger structure, a group active in insurance brokerage through Allcross and benefits administration through Mount Hermon, according to reporting by BSG. Under that management, Select accelerated its nationwide expansion, extending its health-plan offering to much of Brazil’s major metropolitan markets.
Select says the withdrawal of the bank references does not alter its broader restructuring process. The company says administrative, operational and financial measures remain underway to address liabilities, stabilize operations and preserve continuity of care.
Medical expenses exceed premium revenue
The latest financial data available from ANS cover the first quarter of 2026. From January through March, Select reported R$115 million in premium revenue and R$156.5 million in healthcare expenses.
Healthcare expenses therefore exceeded premium revenue by R$41.5 million and amounted to roughly 136% of premiums booked during the period.
The insurer had not yet submitted its second-quarter financial data to the regulator.
More recent membership figures shown by ANS put Select at 116,924 policyholders, down 2.14% month on month. About 74.2% of members are enrolled in group plans, while the regulator’s dashboard shows 990 complaints and regulatory inquiries involving the company.
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