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Insurer BB Seguridade proposes to return $651 million to shareholders

SAO PAULO, Sept 25 (Reuters) - State-controlled insurance holding BB Seguridade Participações SA said on Wednesday its board will propose returning 2.7 billion reais ($651 million) in capital it considers "excessive" to shareholders.

In a securities filing, BB Seguridade said that if the proposal is approved at its shareholders meeting, the company will pay 1.35 reais per share.

($1 = 4.1482 reais) (Reporting by Tatiana Bautzer Editing by Leslie Adler)