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”.