Zurich bolsters Latin American presence
by Richard Kilner
Story link: Zurich bolsters Latin American presence
Zurich Financial Services Group has announced that it has closed the acquisition of 51% participation in the life insurance, pension and general insurance operations of Santander in Brazil and Argentina.
Zurich and Santander have recently entered in a 25 year strategic distribution arrangement in Latin America.
The deal includes Zurich acquiring a 51% participation in Santander’s insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay.
The deal, with regards to the remaining countries, is expected to be closed before the end of the year, subject to regulatory approvals.
Last week Zurich announced that it had completed a 100% acquisition of the share capital of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB).
The acquisition strengthened the firm’s Asia-Pacific region presence and put it in a better position to benefit from future growth.