Travelers’ Joint Venture with J. Malucelli to Acquire Majority Interest in Colombian Surety Start-Up
December 10 2014 - 4:16PM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today announced that
its joint venture with J. Malucelli in Brazil will acquire a
majority interest in Cardinal Compañía de Seguros, a Colombian
start-up surety provider. The business will be co-branded as J.
Malucelli Travelers. It will continue to be based in Bogotá. Terms
of the transaction were not disclosed.
“This investment builds on our successful joint venture with J.
Malucelli and positions this platform to capitalize on profitable
opportunities in Colombia,” said Tom Kunkel, President of Bond
& Specialty Insurance at Travelers.
The transaction is expected to close in the second quarter of
2015, subject to regulatory approvals and customary closing
conditions.
Forward-Looking Language
All statements in this press release other than statements of
historical facts are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results of matters addressed in these forward-looking
statements involve risks and uncertainties and may differ
substantially from those expressed or implied. Some of the factors
that could cause actual results to differ are discussed under the
heading “Risk Factors” in the company’s most recent Form 10-K and
Form 10-Q. Additional factors that could cause actual results to
differ include, but are not limited to, risks relating to pursuing
new markets and opportunities, including opportunities in emerging
markets. The forward-looking statements in this release speak only
as the date of this release, and we undertake no obligation to
update any forward-looking statements.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $26 billion in 2013. For more information, visit
www.travelers.com.
The Travelers Companies, Inc.Media:Patrick Linehan,
917-778-6267orInvestors:Gabriella Nawi, 917-778-6844
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