The Travelers Cos., which has major Hartford operations, said it has agreed to acquire a majority stake in a Brazilian joint venture.
Travelers said it will own 95 percent of J. Malucelli’s property casualty business, which began writing insurance in 2012. J. Malucelli parent Paraná Banco will retain five percent.
Travelers said the move signifies its optimism about the growth potential Brazil offers.
Travelers will continue to own just under half of the joint venture’s surety business.
