Mexican insurance commission CNSF has approved Zurich Compania de Seguros SA's acquisition of QBE De México Compañía de Seguros SA de CV, El Economista reported.
The deal is part of the sale of Australian insurer QBE Insurance Group Ltd.'s Latin American operations to Zurich Insurance Group AG for US$409 million announced in February.
Through the acquisition, Zurich's Mexican subsidiary is aiming to be part of the top 10 insurance companies in the country in the next five years, CEO Javier Rodríguez Della Vecchia said. The company is currently ranked 14th in the market.
Zurich Compania de Seguros does not plan another acquisition but is not closed to carrying out similar operations either, Rodríguez said.