Reuters logo
Swiss Re to buy stake in Brazil's SulAmérica for $334 million
November 18, 2013 / 10:47 PM / 4 years ago

Swiss Re to buy stake in Brazil's SulAmérica for $334 million

ZURICH (Reuters) - Swiss Re, SRENH.VX the world’s second-largest reinsurer, said on Monday it agreed to acquire a $334 million stake in Brazilian insurance group SulAmérica (SULA11.SA).

The logo of the world's second biggest reinsurer Swiss Re is seen in front of the company's headquarters in Zurich July 8, 2013. REUTERS/Arnd Wiegmann

The deal is expected to be completed in the fourth quarter.

Swiss Re said it would hold a 14.9 percent stake SulAmérica, making it the second-largest shareholder in the firm, after buying an 11.1 percent stake from ING ING.AS and a 3.8 percent stake from the Larragoiti family, which founded the Brazilian insurer 117 years ago and is its controlling shareholder.

The deal between ING and Swiss Re is dependent on a restructuring of Sulasapar, the investment vehicle controlled by the Larragoiti family, that was announced earlier this year, as well as regulatory approval, the Swiss company said.

SulAmérica, Brazil’s third-largest insurer, offers health and auto insurance, as well as property, casualty and life insurance.

ING agreed in February to reduce its stake in SulAmérica, raising funds to help repay a state bailout received after the global financial crisis.

Reporting by Alice Baghdjian; Editing by Dan Grebler

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below