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Swiss Reinsurance Co. Ltd. has agreed to acquire an 11.1% stake in Brazilian insurer SulAmérica S.A from ING Group N.V., and a 3.8% stake from members of the Larragoiti family for some $334 million, the Zurich-based reinsurer said Monday.
Rio de Janeiro-based SulAmérica is the largest independent insurance group in Brazil and a leading provider of health and auto insurance. The company also offers property/casualty and life insurance as well as pension, asset management and premium savings bonds products.
“SulAmérica is a well-established and successful multiline insurer in Brazil where we see attractive growth opportunities,” Swiss Re Group CEO Michel M. Liès said in a statement. “We expect our investment in SulAmérica to benefit us not only financially, but also by increasing our proximity to and participation in the Brazilian market.”
The investment in SulAmérica also “affirms Swiss Re’s strategy to invest in leading insurance franchises in high-growth markets,” Swiss Re Group Chief Strategy Officer John R. Dacey said in the statement.
Swiss Re noted that the transaction between ING and Swiss Re is conditional on the closing of restructuring Sulasapar, the investment vehicle controlled by the Larragoiti family, as announced in February, as well as customary regulatory approval.
The transactions between Swiss Re and ING and between Swiss Re and the Larragoiti family who founded SulAmérica are expected to close in the fourth quarter, Swiss Re said in the statement.