Zurich Financial Services Group said it has concluded a $241 million transaction to expand its Brazilian insurance market presence by purchasing one carrier and taking a majority stake in another.
The firm said the acquisition agreement with Banco Mercantil do Brasil S.A. and two private investors also includes a product distribution agreement with the bank.
Zurich said it acquired a more than 87 percent interest in Companhia de Seguros Minas Brasil (MB) and all of Minas Brasil Seguradora Vida e Previd?ncia S.A. (MBVP).
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