US Based Travelers Partners With Brazilian J Malucelli To Take Control Of Cardinal Compañía de Seguros
Bogota Based Cardinal Compañia de Seguros has concluded negotiations leading to The Travelers Companies of The United States partnering with Brasil based J Malucelli to acquire a majority stake in the upstart surety provider. The company will remain in Bogotá but be rebranded as Travelers J Malucelli. The transaction is expected to close in the first half of 2015, as it matriculates through the regulatory approvals and closing process.
“This investment builds on our successful joint venture with J. Malucelli and positions this platform to capitalize on profitable opportunities in Colombia,” said Tom Kunkel, President of Bond & Specialty Insurance at Travelers.