Reinsurers Terra Brasis, Austral Re merge operations
Reinsurance companies Terra Brasis and Austral Re will merge their operations, creating the second largest reinsurer in Brazil.
Austral Re is controlled by Vinci Partners, while Terra Brasis is controlled by Brasil Plural.
Combined, the companies would hold annual premiums of 672mn reais (US$178mn) based on 2018 figures. The Brazilian reinsurance market is dominated by local player IRB with a market share of 36%.
Vinci Partners will control the company after the merger; Brasil Plural and the International Finance Corporation (IFC) would be partners. The IFC already holds minority stakes in both companies.
"The merger offers significant long-term value creation. We expect the business combination to capture significant operational, administrative and economic-financial synergies,” the CEO of the new company, Bruno Freire, said.
No company reported any cash transactions as part of the deal, and approval from antitrust authority CADE and insurance regulator Susep remains pending.
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