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Zurich Insurance said Sunday it had reached an agreement to buy Australian insurer QBE’s Latin America operations, in a move it said would make it the industry leader in Argentina.
Switzerland’s largest insurer said in a statement that the acquisition carried a $409-million (333-million-euro) price tag, and would be subject to ‘closing adjustments’, as well as regulatory approvals.
‘This transaction positions us as the leading insurer in Argentina, a market that is demonstrating strong growth, a stable economy and a positive environment for insurance,’ said Claudia Dill, who heads Zurich’s Latin America operations.
Argentina represents around half of the acquired operations, but the company said the move would also add ‘incremental scale and capabilities in Brazil, Colombia and Mexico, and (make) the Group the number three insurer in Ecuador.’
It said that the acquired operations had pulled in combined gross written premiums of around $790 million in 2017.
Zurich said it expected the acquisition to be completed by the end of the year, and said it would be funded through ‘internal resources’.