Colombian insurer Suramericana SA announced it is setting up a new subsidiary in Brazil that will be called Inversiones Sura Brasil Participações Ltda., according to a March 16 release.

Suramericana will fully control the new company through its Colombian subsidiaries Inversiones Sura Brasil SAS and Operaciones Generales Suramericana SAS and will hold an initial investment of 1,000 Brazilian reais in the new company, divided into 1,000 shares.

As of March 16, US$1 was equivalent to 3.29 Brazilian reais.