Swiss Re to acquire stake in Confianza
Swiss Re Corporate Solutions will acquire a 51 percent stake in Columbia’s Compañía Aseguradora de Fianzas SA Confianza (Confianza), a provider of surety insurance products, third-party liability and all-risk construction insurance solutions.
The arrangement will allow Colombian corporate clients local access to Swiss Re's commercial insurance products and services, further extending the company’s footprint in Latin America.
"We are very pleased to join forces with Confianza, a firm with an excellent reputation and understanding of the local market. The combination of our capabilities and expertise will create a strong commercial insurer for corporate clients in Colombia,” said Agostino Galvagni, CEO of Swiss Re Corporate Solutions and a member of Swiss Re Group's Executive Committee.
The acquisition will allow Confianza to broaden its range of products with an initial emphasis on solutions for clients in the country's growing infrastructure sector.
"This investment, underpinned by Swiss Re Corporate Solutions' financial strength and innovation capabilities, will reinforce our leading position in the market. Together we will be able to offer clients large capacity and technical expertise to support Colombia's growing economy and the new government infrastructure projects,” said Luis Alejandro Rueda Rodríguez, CEO of Confianza.
The transaction is expected to close in the second half of 2014.
