Specialist insurer and reinsurer Markel International has announced the sale of Markel Seguradora do Brasil S.A., its Brazilian insurance operations, to its existing executive team.
Markel Seguradora is authorised to operate in the direct insurance market in numerous classes across Brazil. The main focus of the entity is on the agricultural business, and the firm has become a meaningful player in the Brazilian marketplace.
After the completion of a strategic review, Markel agreed to sell its Brazil insurance operations to its management team, which includes: Carlos Caputo, Chief Executive Officer (CEO) for Latin America; Gabriel Boyer, Vice President (VP); and Rodrigo Motroni, technical director. As of October 1st, 2019 the management team acquired all the shares of Markel Seguradora and are now its sole shareholders.
It’s been announced that subject to SUSEP ratification, the firm will change its name to NEWE Seguros. And, at the same time, it’s been revealed that there will be no other changes to the business and customers and partners will be unaffected.
Commenting on the sale, Caputo said: “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.”