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Shareholder group agrees to sell 51% stake in Peru's La Positiva Seguros

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Shareholder group agrees to sell 51% stake in Peru's La Positiva Seguros

La Positiva Seguros y Reaseguros SA said a group of its shareholders has agreed to sell a 51% stake in the company to Portugal-based Fidelidade - Companhia de Seguros SA.

The shareholder group currently holds a 59.50% stake in the Peruvian insurer and will sell shares to Fidelidade through a public offer at a price of 2.00 Peruvian soles apiece. The price may change should La Positiva issue new shares before the deal takes place.

The transaction is subject to a number of conditions, including regulatory approvals.

Fidelidade Chairman and CEO Jorge Magalhães Correia said the deal is in line with the company's internationalization strategy and marks the beginning of its expansion in Latin America amid sustained economic growth in Peru, El Comercio reported.

La Positiva Seguros is Peru's fourth largest insurance group with a market share of 11% and consolidated premiums of more than $500.0 million, according to the El Comercio report. The company obtained approval to operate a parent healthcare provider unit, La Positiva EPS, in June 2017.

As of March 5, US$1 was equivalent to 3.25 Peruvian soles.