Markel sells Brazilian operation to its executive team

Markel International has sold its insurance operations in Brazil to its existing executive team. The executive team acquired all the shares in Markel Seguradora do Brasil effective October 1, 2019, and are now its sole shareholders.

Markel Seguradora is authorised to operate in the direct insurance market in various classes throughout Brazil and has a particular focus on the agricultural business. It will now change its name to NEWE Seguros, subject to SUSEP ratification, but the company said there will be no other changes to the business and customers and partners will be unaffected.

Carlos Caputo, CEO for Latin America, said: “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.”

Caputo added: “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.”

The management team acquiring Markel Seguradora comprises: Caputo; Gabriel Boyer, vice president; and Rodrigo Motroni, technical director.