Markel Sells its Insurance Operations in Brazil
Markel International, London, October 1, 2019 --- Markel International, the specialist insurer, has announced that it has sold its insurance operations in Brazil to its existing executive team.
Markel Seguradora do Brasil, S.A. (“Markel Seguradora”) is authorised to operate in the direct insurance market in various classes throughout Brazil. With its main focus on the agricultural business, the company has become a meaningful player in the Brazilian market.
Following a strategic review, Markel agreed to sell Markel Seguradora to its management team; Carlos Caputo, CEO for Latin America, Gabriel Boyer, vice president, and Rodrigo Motroni, technical director. As of 1 October 2019, they acquired all the shares of Markel Seguradora and are now its sole shareholders.
Subject to SUSEP ratification, the company will change its name to NEWE Seguros. There will be no other changes to the business and customers and partners will be unaffected, with all business to be conducted as before and contracts and policies following their regular course, managed by the same executives in Brazil.
Carlos Caputo, CEO for Latin America, commented on the sale: “We’re extremely proud to have been a part of Markel over the last five years but look forward to this next part of our journey. We believe that agribusiness will continue to be the most important pillar for our business and country’s growth and are committed to continuing to provide excellence in services to our clients and partners.
We will keep in our DNA the vocation for specialty business and our main target from now on is to improve the company’s efficiency and expand the offer of products and innovative solutions to our clients.”
William Stovin, president of Markel International, added “It has been a pleasure working with Carlos and his team in Brazil and we wish them all success in the future”.
For more information:
Susy Chandler, Marketing Manager + 44 (0)20 7953 6000
About Markel International:
Markel International is a division of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through six divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel International Insurance Company Limited, Markel Insurance SE., and Markel Resseguradora do Brasil S.A..Its UK national markets business also provides legal and professional fees insurance cover as well as legal and tax consultancy services. For more information please visit us at www.markelinternational.com