Seguros Caracas, the Venezuelan unit of U.S. insurance firm Liberty Mutual, has purchased local rival Seguros Panamerican for $56 million Thursday, creating the largest insurance company in the country.
Seguros Caracas bought a 99.8 percent stake in Panamerican from Chilean investment group Quiroga on the Caracas Stock Exchange. The acquisition would give Seguros Caracas annual revenues of an estimated $312 million.
Was this article valuable?
Here are more articles you may enjoy.