June 1, 2017 / 6:40 PM / 4 months ago

Peru's Intercorp buys local insurance arm of Sura Management

LIMA, June 1 (Reuters) - Peruvian holding company Intercorp said on Thursday it had reached an agreement to buy the local insurance and mortgage administration businesses of Colombia’s Sura Asset Management for a base price of $268 million.

The deal is subject to approval by Peru’s banking and insurance regulator, Intercorp said in a statement.

“This transaction will allow Intercorp to strengthen its position in the life annuity and individual life insurance market, consolidating it as a leader in diversified financial services in Peru,” the statement said.

Reporting by Ursula Scollo; writing by Hugh Bronstein; Editing by Bernadette Baum

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