Zurich cleared to acquire QBE's Brazilian operations

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Tuesday, July 3, 2018

Brazil's insurance sector regulator (Susep) approved the acquisition of the local operations of Australia's QBE Insurance Group by Zurich Insurance Group.

The approval was announced by Zurich Brasil in a statement to the market.

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In February, Zurich agreed to acquire the operations of QBE in Latin America in a deal worth US$409mn. The transaction comprised assets in Argentina, Brazil, Colombia, Mexico and Ecuador.

According to Edson Franco (pictured), CEO of Zurich Brasil, the acquisition of QBE's Brazilian operations will help the company increase scale and expand distribution channels, as well as to boost its presence in the business segments of affinity, travel insurance and commercial insurance.