French insurer AXA (AXAHY.PK) reported signing a deal with Grupo Mercantil Colpatria to acquire a 51% stake in its composite insurance operations in Colombia ("Colpatria Seguros") for COP 672 billion or 259 million euros. AXA anticipates to consolidate the acquired operations within its Mediterranean & Latin American Region. Subject to customary closing conditions, the transaction may close in 2014.
Colpatria Seguros is the number four insurance player in Colombia with 7% market share, with operations in both Property & Casualty and Life & Savings. It's nationwide coverage and diversified distribution networks, with multi-tied agents representing nearly 40% of premiums, have supported its strong growth.
According to the company, the scope of the transaction includes the four insurance companies of Grupo Mercantil Colpatria: Seguros Colpatria S.A. (Property & Casualty), Seguros de Vida Colpatria S.A. (Life, Workers Compensation), Capitalizadora Colpatria S.A. (Capitalization) and Colpatria Medicina Prepagada S.A. (Voluntary Health).
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