Japanese Insurer Adds in Brazil

NKSJ has increased its stake in Brazil’s Martima Seguros, it says, at a cost of BRL200m ($98m). The Japanese insurance group acquires 37% of Maritima’s common shares and 21.8% of its preferred shares, to bring its total holding to 87% of common shares and 92.1% of preferred shares. Through its Yasuda Seguros unit, it bought the shares from members of the Vidigal family. NKSJ first bought a position in Maritima in 2009. The deal is subject to regulatory approvals and expected to close by May.