Vinci buys Austral Re, changing from seller to buyer
Vinci Compass is paying 336 million reais for Austral Re, a reinsurer that belongs to one of the funds of the Vinci itself, to Vinci founders and other minority investors, such as IFC and Banco Genial. Austral Re is the reinsurance arm of Austral Participações, an insurer created in 2010 by Vinci at the time of the opening of the reinsurance market in the country.
Vinci Compass is buying Austral Re, a reinsurance company, for R$ 336 million. Austral Re is part of Austral Participações, an insurance company created by Vinci in 2010. The reinsurance company had R$ 2.9 billion in premiums issued last year and reported a profit of R$ 93 million. Vinci, which had previously sold its insurance operations to Liberty Mutual, is buying Austral Re using funds from its own private equity funds, with the purchase to be paid in Vinci shares or cash.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
