NU Online News Service, June 21, 11:37 a.m. EST
The Travelers Companies, Inc. says it has expanded its position in the surety market business in Brazil by acquiring a 43 percent interest stake in JMalucelli Participações em Seguros e Resseguros S.A.
Travelers describes the company as the market leader in the surety insurance business in Brazil with a market share in excess of 30 percent.
Travelers said the transaction will significantly increase JMalucelli's capital level, positioning it for substantial growth in Brazil.
Travelers made an investment of approximately $410 million and has an option to increase its interest to up to 49.9 percent within 18 months.
“This joint venture enables us to leverage our leading U.S. surety franchise to participate in the growing Brazilian market and to do so with the benefit of a local market leader,” says Jay Fishman, chairman and chief executive officer in a statement. “We expect this transaction will be modestly accretive to Travelers' earnings in the first full calendar year.”
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