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Travelers Buys $370M Stake in Brazilian Insurer

The deal includes an option to increase Travelers' share of the company to 49.9 percent within 18 months.

Malucelli currently provides surety insurance, which provides bonding for contracts to ensure they are completed under set terms. But Alan Schnitzer, head of Travelers' financial, professional & international insurance business segment, said the deal "provides us with an exceptional platform for expanding the joint venture beyond the surety business into the growing property and casualty market."

Brazil, South America's largest economy, is an increasing target for U.S. companies to invest. Last month, drugmaker Pfizer Inc. announced a $240 million partnership there. The huge consumer market has led companies from Coca-Cola Co. to Procter & Gamble to Anheuser-Busch InBev NV to focus more closely on the nation in recent years.

The Travelers transaction is subject to regulatory approvals in Brazil, and is expected to close in the first half of 2011.

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