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Zurich Finan Servs (ZURN)

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Monday 01 December, 2008

Zurich Finan Servs

Zurich major stake in Minas B

RNS Number : 2516J
Zurich Financial Services
01 December 2008

Zurich closes acquisition of majority stake in Companhia de Seguros Minas Brasil and 100% of Minas Brasil Seguradora Vida e Previdência

Zurich, December 1, 2008 - Zurich Financial Services Group (Zurich) announced today that its Brazilian subsidiary Zurich Participações e Representações Ltda. (Zurich Participações) has completed the acquisition of common shares representing 87.35% in Companhia de Seguros Minas Brasil, a BOVESPA-listed company, from Banco Mercantil do Brasil S.A. (Banco Mercantil) and two private investors. In addition, Zurich Participações has completed the acquisition of 100% of Minas Brasil Seguradora Vida e Previdência S.A. from Banco Mercantil. 

As part of this transaction, Zurich Brasil Seguros S.A. (Zurich Brasil), a subsidiary of Zurich Participações, entered into a long-term exclusive bancassurance agreement with Banco Mercantil for the distribution of Life and General Insurance products of Zurich Brasil and the acquired companies.

After having announced these acquisitions on July 17, 2008, all necessary regulatory approvals to close the transactions now have been obtained.

Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in ZurichSwitzerland. It employs approximately 60,000 people serving customers in more than 170 countries.

This information is provided by RNS
The company news service from the London Stock Exchange