SAO PAOLO, Brazil (Bloomberg) - XL Capital Ltd. agreed to sell its stake in the Itau-XL joint venture insurance company to a unit of Itau Unibanco Holding SA and terminate the joint venture.

Brazil's biggest non-government bank said in a Brazilian regulatory filing that its Itau Seguros SA unit will buy the stake from XL Swiss Holdings Ltd., a unit of XL Capital, a Bermuda-based business insurer. The lender will assume full control of the joint venture and will continue to provide insurance services to XL clients in Brazil, Itau said. The bank did not say how much it paid for XL's stake.