Japanese insurer Sompo completes purchase of majority stake in Brazil’s Marítima

17 de Junho de 2013

Japanese insurance group Sompo has completed the purchase of additional shares in Brazilian insurer Marítima Seguros to 87% by buying a 37% stake from the Vidigal family.
Through its subsidiary Yasuda Seguros, the Japanese insurer acquired 13.9mn additional shares in Marítima for 9.62bn Japanese yens (US$102mn), Sompo’s parent company NKSJ Holdings said in a statement.

The deal was announced in January.

“The insurance market in Brazil has been expanding on average 12.7% per year since 2001, and we expect economic growth in Brazil to continue in the foreseeable future,” the company said in regard to the reason for the acquisition.
NKSJ has been operating its insurance business in Brazil for more than 50 years through Yasuda Seguros, which was founded in 1958.
“We have been working on increasing the volume of gross premium, expanding our knowledge base, and improving our business since we placed Brazil into our important region for global business development after we acquired [50% of the] shares of Marítima in 2009,” Sompo said.
Marítima offers a range of life and non-life products and is one of the largest non-bank controlled insurance groups in Brazil. The insurer grew gross premiums 12.7% in 2012 to 1.66bn reais (US$777mn today).
Yasuda, which focuses on the corporate segment, increased gross premiums 13.4% compared to 2011 to 414mn reais.
The additional acquisition is a result of discussions with principal shareholders of Marítima about further business developments and expansion of Sompo’s influence over management decisions for enhancing Marítima’s value in the mid/long term by incorporating more flexibility and efficiency in its decision-making, the statement reads.
“NKSJ aims at the expansion of our insurance business in Brazil through brand strength and the competencies of the sales forces of both Marítima and Yasuda Seguros.”
In Latin America, Sompo also operates in Mexico

Fonte: Business News Americas

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