Suramericana, Grupo Sura´s insurance and risk management subsidiary, said Tuesday it has reached an agreement to acquire RSA Insurance Group, PLC´s operations in Latin America for $614 million.
The transaction is part of
Suramericana´s strategy to develop a wider range of financial services within the region.
The acquisition consolidates Suramericana's position in the Latin America insurance market and strengths its roll in countries such as Chile, Uruguay, Argentina and Brazil. It is also expected that the company will extend its presence in Colombia, Panama, Dominican Republic and El Salvador.
Grupo Sura is a leading player in the Latin American pension fund industry through its other subsidiary, Sura Asset Management, which has a presence spanning Mexico, Chile, Peru, Uruguay, Colombia and El Salvador, with over 17 million clients.
This transaction is subject to regulatory approvals in each respective country, but is expected to be completed by the end of 2016.
Lazard acted as sole financial adviser to Suramericana; Goldman Sachs served as sole financial adviser to RSA.
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