German insurer sniffing around Chile

German insurer Arag is considering entering Chile.

Officials from the company's Spanish unit recently held talks with Chile's insurance and securities regulator SVS, local paper Pulso reported.

Arag specializes in legal insurance and travel insurance.

In a letter to the watchdog posted on Chile's transparency portal, Arag executive Mariano Rigau said: "Arag Group is constantly looking for business opportunities internationally. We're currently looking into the possibility of starting operations in your country.

"With the aim of completing our analysis, it would extremely helpful to be able to present ourselves, acquire additional information and obtain your opinion on the feasibility of our project and on opportunities."

Pulso quoted Rigau as saying that plans were at a very early stage and that no decision had yet been made. He added that Chile could be a springboard into other markets in the region.