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Swiss Re sells entire stake in Brazil's Sul América

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Swiss Re sells entire stake in Brazil's Sul América

Swiss Re Direct Investments Company Ltd. divested its entire stake in Brazilian insurer Sul América SA through a block trade transaction.

The 58,764,180 Sul América units sold by the Swiss Re AG subsidiary each represent one common share and two preferred shares, Sul América said in a news release. The sale fetched about 2.6 billion Brazilian reais, according to estimates from Brazilian newspaper Valor Econômico.

As a result of the transaction, the shareholders' agreement between Swiss Re and Sul América's controlling shareholder, Sulasapar Participacoes SA, has been terminated.

Swiss Re agreed to acquire a 14.9% stake in Sul América in late 2013 for a total price of about $334 million.

As of Sept. 3, US$1 was equivalent to 4.17 Brazilian reais.