Zurich Bags Brazil Insurance Companies

Swiss financial services group Zurich announced today that its Brazilian subsidiary Zurich Participacoes has signed an agreement to acquire common shares representing 87.35% in Companhia de Seguros Minas Brasil from Banco Mercantil do Brasil and two private investors, and the 100% of Minas Brasil Seguradora Vida e Previdencia from Banco Mercantil. The purchase price for both companies amount to BRL286.9m, the Swiss company says. The transaction is subject to regulatory approval and expected to close by Q4 2008, Zurich adds.