Travelers Companies, Inc. recently purchased a majority interest in its property casualty joint venture J. Malucelli Participações em Seguros e Resseguros S.A. in Brazil.
Based in Hartford, Connecticut, Travelers now owns 95 percent of the property casualty division of J. Malucelli. Paraná Banco, the parent company of J. Malucelli, retains the other 5 percent interest, with the property casualty division now operating under the Travelers’ brand.
“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,” Kevin Smith, president of International Insurance at Travelers, said. “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.”
The business, which will continue to be based in San Paulo, will focus on property, general liability, construction and financial insurance products.
Travelers’ interest in J. Malucelli’s surety business remains at 49.5 percent, as part of the joint venture. The two companies recently acquired a majority interest in Cardinal Compañía de Seguros, a Colombian start-up surety provider.
