Markel International, the London-based specialist insurer and subsidiary of Markel Corp., announced that it has sold its insurance operations in Brazil to its existing executive team.

Markel Seguradora do Brasil, S.A. is authorized to operate in the direct insurance market in various classes throughout Brazil, with a focus on the agricultural business.

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 Oct. 1, 2019, they acquired all the shares of Markel Seguradora and are now its sole shareholders.

Financial details of the transaction were not disclosed.

Subject to regulatory approval, 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 conducted as it was previously, managed by the same executives in Brazil.

“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,” commented Caputo.

“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,” he added.

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.”

Source: Markel International

*This story ran previously in our sister publication Insurance Journal.