A consortium composed of Brazil's Itau Unibanco SA (ITUB), Spain's Mapfre (MAP.MC) and Germany's Allianz (ALV.XE) made the top proposal to insure operations at Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), the local Estado news agency reported late Wednesday.

Citing three sources close to the negotiations, Estado said that the three companies will be co-insurers on the 2010 policy valued at between $80 billion and $90 billion.

Petrobras officials weren't immediately available to comment on the report.

The oil company's board will now evaluate the insurance bid, while the policy will also be marketed to reinsurers in an effort to further dilute the risks, the sources told Estado.

Bids for the insurance tender were opened Tuesday.

The bidding process involved three separate tenders: platforms and refineries; airport cargo for BR Distribuidora; and imports, exports and all Petrobras cargo transportation.

The winning bidder will get all three contracts.

Itau won the contract in 2008, but had trouble getting the policy reinsured because of the global financial crisis. The contract was then extended in 2009.

-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; jeff.fick@dowjones.com
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