Insurer AXA has strengthened its expertise in Brazil with the acquisition of a subsidiary of SulAmérica for R$135 million ($43.6 million).
The subsidiary, SulAmérica Companhia de Seguros Gerais, is a large industrial and commercial risks insurance subsidiary. The scope of the transaction includes marine hull, marine cargo and property.
AXA will include the acquired operations within AXA Corporate Solutions Brazil and Latin America. The acquisition is expected to complete in the fourth quarter of 2015.
Philippe Rocard, chief executive officer of AXA Corporate Solutions, said: “This acquisition is a great accelerator for AXA Corporate Solutions in Brazil and confirms our long term aspiration to benefit from this fast-growing insurance market, in line with our Ambition AXA strategy. It also reinforces our ability to serve our global clients in Brazil, by leveraging both a strong platform and the skills of very reputable teams.”