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French insurer AXA S.A. has entered into an agreement to purchase Brazilian insurer SulAmerica S.A.'s industrial and commercial risk subsidiary SulAmerica Companhia de Seguros Gerais, BNamericas reported.
AXA plans to acquire 100% of the unit's marine hull, marine cargo and property businesses for 135 million Brazilian reals ($44 million). The deal is likely to close in the fourth quarter of 2015 and is subject to regulatory approvals. The deal represents a "great accelerator" for AXA in the Brazilian market, an AXA official said.