Swiss Re Buys Brazilian Stake

Swiss Re has agreed to buy shares representing a 14.9% stake in Brazilian insurer SulAmerica for $334m, it says. It is buying 33.7m units from ING, which has been decreasing its position in SulAmerica, representing $250m of the total, and 13.1m units from the controlling Larragoiti family. A unit holds one ordinary and two preferred shares. Once the two transactions are completed, ING will hold 17.1% of SulAmerica and the Larragoitis 20.9%. ING agreed to sell 26.5m units to IFC in May. Sul America units closed at BRL15.95 ($6.90) Monday.