** Shares in Brazilian insurance firm Caixa Seguridade BMFBOVESPA:CXSE3 fall as analysts at JPMorgan downgrade their recommendation on the stock to "Neutral" from "Overweight"
** The analysts say insurers tend to benefit less as Brazil's interest rate environment turned more dovish, with the benchmark rate peak now priced in at around 14.75%, from around 17% in December
** "While we see Caixa Seguridade as a premium business model, we see limited upside at current levels and we are less excited," the analysts write in a note to clients
** Caixa Seguridade's shares slip more than 2.5%, among the biggest fallers on benchmark stock index Bovespa BMFBOVESPA:IBOV, which is up 0.5