Zurich Insurance Group is taking over the South American business of Australia’s QBE Insurance. The acquisition makes the Swiss company the No. 1 in one of the region’s biggest markets.
Zurich, one of Switzerland’s largest insurers, agreed to pay $409 million for the Latin American business of QBE Insurance, the company said in a statement on Monday. The deal makes Zurich the biggest insurer in Argentina, according to the statement.
The Swiss firm also gains significant additional scope in Brazil, Ecuador, Colombia and Mexico. The Latin American unit of QBE had a premium volume of $790 million in 2017.
The companies expect to complete the transaction at the end of 2018. The deal is pending regulatory approval.
