Brazil's Cade competition watchdog has approved Allianz's purchase of automobile and other property and casualty operations from Sul América SA, O Estado de S. Paulo reported, citing a resolution in the country's official gazette.
The purchase, done in August, will see Allianz do Brasil Participações Ltda. and Allianz Seguros SA acquiring 100% of Sul América Participações e Investimentos SA, which will control and operate Sul América Companhia Nacional de Seguros no Brasil's business, as well as 100% of Sul América Serviços e Participacoes SA.
Cade said the operation was in line with Allianz's strategy to boost its consumer business in Brazil while Sul América sought to focus on the health, dental, life, private pension and asset management segments.
Sul América recently agreed to sell its capitalization insurance business, also in line with the goal to refocus on core business segments.
As of Sept. 19, US$1 was equivalent to 4.14 Brazilian reais.
