Chinese-owned Portuguese insurer buying into Latin America

Portuguese insurance company Fidelidade Mundial has announced its intention to buy the majority stake in Peruvian insurer La Positiva Seguros, without saying how much it will pay, Lusa reports.

The Portuguese news agency quotes a written statement issued by Fidelidade as saying that entering the Latin American market for insurance was part of the company’s strategy for expanding internationally.

Chinese conglomerate Fosun International Ltd owns Fidelidade.

Fidelidade said the Peruvian regulator had yet to give permission for the purchase.

La Positiva is the fourth-largest insurer in Peru, having 4.3 million policyholders and assets worth US$1.2 billion, and also does business in Bolivia, Paraguay and Nicaragua, Lusa says.