Holland’s ING Group is in talks with Savia, Mexico’s troubled financial services and technology group, to acquire its controlling interest in Seguros Comercial America, Mexico’s largest insurance company.
ING already has a vested interest in Segcoam through its investments in Savia and its subsidiary companies. It has a 49 percent stake in a joint venture that holds the majority interest in the company, and last year ING paid $555 million to acquire a direct 41.5 percent stake in it.
No further details have been released, but Savia is seeking to bolster its cash position after posting a $315 million net loss last year. One of ING’s announced goals, following its acquisition of ReliaStar and of Aetna’s International and financial units, is further expansion in Latin America.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
US P/C Industry Records $16 Billion Underwriting Income in Q1 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
US Declares Power Emergency in Southeast as Heat Strains Grids 
