Swiss Re To Acquire 14.9% Stake In Sul América - Quick Facts

(RTTNews) - Swiss Re Group (SSREY.PK) announced it has agreed to acquire an 11.1% stake in Sul América S.A. from ING Group N.V. (ING) and a 3.8% stake from members of the Larragoiti family for a total amount of approximately $334 million. Following closing of the transactions, Swiss Re will be the largest investor in SulAmérica after Sulasapar.

The transaction between ING and Swiss Re is conditional upon the closing of the restructuring of Sulasapar, the investment vehicle controlled by the Larragoiti family, as announced in February 2013, as well as customary regulatory approval.

SulAmérica is the largest independent insurance group in Brazil and a leading provider of health and auto insurance. The company also offers property, casualty, and life insurance as well as pension, asset management and premium savings bonds products.