Chinese-owned Portuguese insurer expands into Latin America

Portuguese insurance company Fidelidade Mundial has bought 51 percent of Peruvian insurer La Positiva Seguros for €93 million (about US$107.4 million), Dinheiro Vivo reports.

The Portuguese financial news website quotes Fidelidade Mundial President Jorge Magalhães Correia as saying the deal is a manifestation of the company strategy to expand abroad, and the first foray into Latin America.

The report says La Positiva is the fourth-largest insurer in Peru, having 3.8 million policyholders and assets worth US$1.2 billion. It also does business in Bolivia, Paraguay and Nicaragua.

Chinese conglomerate Fosun International Ltd owns Fidelidade.

The acquisition of La Positiva reduces the dependence of Fidelidade on lusophone markets, Dinheiro Vivo quotes Fosun International Chief Executive Wang Qunbin as saying.