Zurich Financial Services announced that its Brazilian subsidiary Zurich Participações e Representações Ltda. (Zurich Participações) has completed the acquisition of common shares representing 87.35 percent in Companhia de Seguros Minas Brasil, a BOVESPA-listed company, from Banco Mercantil do Brasil S.A. (Banco Mercantil) and two private investors.
Zurich first announced the acquisitions in July (See IJ web site – http://www.insurancejournal.com/news/international/2008/07/17/91945.htm). The bulletin noted that “all necessary regulatory approvals to close the transactions now have been obtained.”
In addition, Zurich Participações has completed the acquisition of 100 percent of Minas Brasil Seguradora Vida e Previdência S.A. from Banco Mercantil.
“As part of this transaction, Zurich Brasil Seguros S.A. (Zurich Brasil), a subsidiary of Zurich Participações, entered into a long-term exclusive bancassurance agreement with Banco Mercantil for the distribution of Life and General Insurance products of Zurich Brasil and the acquired companies,” said the bulletin.
Source: Zurich Financial – www.zurich.com
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