Skadden Reps Travelers In $370M Brazilian Venture

Law360, New York (November 4, 2010, 3:23 PM EDT) -- The Travelers Cos. Inc. said Thursday it would pay $370 million to launch a joint venture with the Brazilian surety insurer J. Malucelli Participacoes em Seguros e Resseguros SA, in which it would own a 43 percent equity stake through the deal.

The New York-based property casualty insurance giant said it would receive newly issued J. Malucelli shares. The deal would significantly increase the Brazilian insurer’s capital levels, positioning it for growth, Travelers said.

Travelers said it could increase its stake in J. Malucelli to 49.9...
To view the full article, register now.