The Travelers Companies, Inc. announced that it has increased its ownership stake in J. Malucelli Participações em Seguros e Resseguros S.A., its joint venture in Brazil, by exercising a pre-existing option to purchase newly issued shares. As a result, Travelers has increased its stake in J. Malucelli from 43.4 percent to 49.5 percent.
“We are very pleased with the performance of our joint venture in Brazil,” noted Alan Schnitzer, Vice Chairman and head of Travelers’ Financial, Professional & International Insurance business segment. “The venture continues to be the market leader in the surety insurance business in Brazil, with a market share of approximately 30 percent. In addition, we are making good progress on our early efforts to expand beyond the surety business into the growing property and casualty market,” he concluded.
Source: The Travelers Companies