Zurich Insurance to Buy QBE's Latin America Operations for $409 Million
By Brian Blackstone
ZURICH--Zurich Insurance Group said Sunday that it has agreed to acquire the Latin American operations of Australian insurer QBE Insurance Group Limited, strengthening the Swiss insurance company's presence in Argentina and other parts of the region.
Zurich Insurance said it would pay around $409 million for the business, which had combined written premiums of about $790 million last year. The deal, which is subject to regulatory approvals, is expected to close by the end of 2018 and to be funded by internal resources, the company said.
The deal "will position Zurich as the leading insurer in Argentina, while also adding incremental scale and capabilities in Brazil, Colombia and Mexico and making the Group the number three insurer in Ecuador," Zurich Insurance said.
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(END) Dow Jones Newswires
February 25, 2018 16:37 ET (21:37 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.