Swiss Re to acquire a 14.9% stake in Brazilian insurer SulAmérica

18 November 2013, Zurich

Swiss Re has agreed to acquire an 11.1% stake in Sul América S.A. ("SulAmérica"; BM&F Bovespa: SULA11) from ING Group N.V. ("ING") and a 3.8% stake from members of the Larragoiti family for a total amount of approximately USD 334 million. This confirms Swiss Re's commitment to Brazil, Latin America and high growth markets.

SulAmérica is the largest independent insurance group in Brazil and a leading provider of health and auto insurance. In addition, the company also offers property, casualty, and life insurance as well as pension, asset management and premium savings bonds products.

Swiss Re's Group Chief Executive Officer Michel M. Liès says: "SulAmérica is a well-established and successful multiline insurer in Brazil where we see attractive growth opportunities. We expect our investment in SulAmérica to benefit us not only financially, but also by increasing our proximity to and participation in the Brazilian market."

Swiss Re's Group Chief Strategy Officer John R. Dacey adds: "The investment in SulAmérica affirms Swiss Re's strategy to invest in leading insurance franchises in high growth markets."

The transaction between ING and Swiss Re is conditional upon the closing of the restructuring of Sulasapar, the investment vehicle controlled by the Larragoiti family, as announced in February 2013, as well as customary regulatory approval. The transactions between Swiss Re and ING and between Swiss Re and the Larragoiti family are expected to close in the fourth quarter of 2013. Following closing of these transactions, Swiss Re will be the largest investor in SulAmérica after Sulasapar.

Notes to editors

About Swiss Re

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: or follow us on Twitter @SwissRe.

About ING

ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, ING will concentrate on the position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for insurance and investment management operations.

About Sul America SA

SulAmérica is the largest independent insurer in Brazil. Since October 2007, the Company is listed under the BM&FBovespa’s Level 2 Segment of Corporate Governance Practices. In 2012, SulAmérica recorded premiums revenues of R$ 10.6 billion and net earnings of R$ 483 million, with a net worth of R$3.4 billion and total assets of R$14.4 billion. Founded in 1895, SulAmérica operates in the segments of health and dental insurance, auto insurance and property, life and personal injury insurance, Private Pension, Asset Management and Premium Savings Bonds (Capitalização) where it serves over seven million customers.

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