Travelers Completes Acquisition of Majority Interest in Property Casualty Business of its J. Malucelli Joint Venture in Brazil
OREANDA-NEWS. October 02, 2015. The Travelers Companies, Inc. (NYSE: TRV) today announced the completion of its previously announced acquisition of a majority interest in the property casualty business of its J. Malucelli Participa??es em Seguros e Resseguros S.A. (J. Malucelli) joint venture in Brazil. J. Malucelli commenced writing property casualty business in 2012. The property casualty business will now operate under the Travelers brand and will focus on property, general liability, construction and financial insurance products. The business will continue to be based in S?o Paulo and led by Leonardo Semenovitch.
“Today’s announcement marks an important step in the development of our Brazil platform and reflects our confidence in the market’s long-term growth potential,” said Kevin Smith, President of International Insurance at Travelers. “We will leverage Travelers’ considerable strength and expertise to deliver a broader range of products and provide specialized risk management and claim services to customers in Brazil.”
As a result of the transaction, Travelers now owns 95 percent of the property casualty business, with Paran? Banco, the parent company of J. Malucelli, retaining a five percent interest. Travelers’ interest in the surety business of the J. Malucelli joint venture remains at 49.5 percent.
Smith added, “We have developed a strong partnership with J. Malucelli and will continue to build on our surety business.” The joint venture recently acquired a majority interest in Cardinal Compa??a de Seguros, a Colombian start-up surety provider.
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