Debevoise Steers AXA's $349M Stake Buy In Colombian Insurer

Law360, New York (November 12, 2013, 2:05 PM EST) -- French insurance group AXA said Monday it will acquire 51 percent of Colombian insurer Colpatria Seguros for 672 billion Colombian pesos ($349 million), marking the company's entry into the rapidly growing Colombian market.

The deal would give Paris-based AXA a majority stake in Colpatria Seguros, a unit of financial kingpin Grupo Mercantil Colpatria and currently the fourth largest insurance operation in Colombia. AXA said in a statement Monday that it plans to consolidate the acquired segments, which include property and casualty, life and savings, motor third-party...
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