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International

AXA to enter Colombian insurance market

November 12, 2013 Reprints

AXA Group is set to buy a 51% stake in Grupo Mercantil Colpatria's Colombian composite insurance unit, named Colpatria Seguros S.A., for 672 billion Colombian pesos ($349.4 million), RTTNews reported.

Colpatria Seguros is Colombia's fourth biggest insurer with a market share of 7%.

The move marks AXA's entry into the Colombian market and the French insurer looks to integrate Colpatria Seguros' operations into its Mediterranean and Latin American operations. The takeover is likely to close in 2014, subject to certain conditions.

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AXA to enter Colombian insurance market

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