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23 Mar 2018, By Natalia Yanakieva, EMIS Acting Head of Editorial

ZURICH ACQUIRES QBE LATIN AMERICA OPERATIONS FOR USD 409MN

Zurich Insurance Group acquired the Latin American business of Australian insurer QBE Insurance Group Limited for USD 409mn. Zurich first set foot in the region in 2011, when it took over 51% of the Latin American operations of Santander for USD 1.67bn.

The QBE deal, which is subject to regulatory approvals, will provide the Swiss insurer with significant presence in Argentina and Ecuador while adding incremental scale and capabilities in Colombia, Brazil, and Mexico.

The deal, which is to be funded by internal resources, should be finalised by end-2018.

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