Swiss Re Corporate Solutions and owners of Compañía Aseguradora de Fianzas S.A. Confianza ("Confianza") have signed an agreement under which Corporate Solutions will acquire a 51% stake in Confianza. This arrangement will provide Colombian corporate clients local access to Swiss Re's commercial insurance products and services.
Confianza, established in 1979 and based in Bogotá, offers a broad range of surety insurance products, third-party liability and all-risk construction insurance solutions.
This transaction supports Swiss Re Corporate Solutions' growth strategy and will enable it to expand business in Latin America through local representation. Agostino Galvagni, CEO of Swiss Re Corporate Solutions and a member of Swiss Re Group's Executive Committee, comments: "We are very pleased to join forces with Confianza, a firm with an excellent reputation and understanding of the local market. The combination of our capabilities and expertise will create a strong commercial insurer for corporate clients in Colombia."
For Confianza, this transaction marks an important development in their history. Through this agreement, the company will broaden its range of products with an initial emphasis on solutions for clients in the country's growing infrastructure sector.
Luis Alejandro Rueda Rodríguez, CEO of Confianza, says: "This investment, underpinned by Swiss Re Corporate Solutions' financial strength and innovation capabilities, will reinforce our leading position in the market. Together we will be able to offer clients large capacity and technical expertise to support Colombia's growing economy and the new government infrastructure projects."
The transaction is subject to approval by the relevant authorities and is expected to close in the second half of 2014.