Peru's Intercorp Financial Services Inc. said it reached a deal to fully acquire insurance firm Seguros Sura SA and affiliate Hipotecaria Sura Empresa Administradora Hipotecaria SA for $268.0 million.
Intercorp Financial will acquire the two target firms from Colombia's Sura Asset Management SA, Sura Asset Management Perú SA and individuals linked to Peru-based Grupo Wiese, according to a May 31 filing.
The deal, which is subject to regulatory approval, will strengthen Intercorp Financial's position in Peru's annuities and individual life insurance markets, the company said.
Upon completion of the transaction, Intercorp unit Interseguro Compañía de Seguros SA will absorb Seguros Sura.
Intercorp Financial is a subsidiary of Intercorp Perú Ltd.