Reinsurer XL Capital Ltd., with operations in Hartford, has agreed to sell its stake in a Brazilian banking venture to its partner, Itau Unibanco Holding S.A.
Bermuda-based XL did not reveal in a Securities and Exchange Commission filing a sale price for its 50 percent stake in Itau Seguros Corporativos SA.
But mergers and acquisitions tracker Datamonitor reports the sale price is $69 million.
The sale s expected to close in the first quarter, subject to closing conditions and regulatory approvals.
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XL said it will remain in the Brazilian market with a reinsurance operation and with its servicing hub for big and multinational insurance clients with operations in Latin America and the Caribbean.
