Travelers Increases Its Ownership in Its J. Malucelli Joint Venture, the Market Leader in Brazilian Surety
NEW YORK--(BUSINESS WIRE)-- The Travelers Companies, Inc. (NYS: TRV) announced today that it has increased its ownership stake in J. Malucelli Participações em Seguros e Resseguros S.A., its joint venture in Brazil, by exercising a pre-existing option to purchase newly issued shares. As a result, Travelers has increased its stake in J. Malucelli from 43.4 percent to 49.5 percent.
"We are very pleased with the performance of our joint venture in Brazil," said Alan Schnitzer, Vice Chairman and head of Travelers' Financial, Professional & International Insurance business segment. "The venture continues to be the market leader in the surety insurance business in Brazil, with a market share of approximately 30 percent. In addition, we are making good progress on our early efforts to expand beyond the surety business into the growing property and casualty market," he concluded.
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; and the risk that Travelers may not realize the anticipated benefits of its investment. 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.
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 more than 30,000 employees and generated revenues of approximately $25 billion in 2011. For more information, visit www.travelers.com.
The Travelers Companies, Inc.
Jennifer Wislocki, 860-277-7458
Delker Vardilos, 860-954-7975
Gabriella Nawi, 917-778-6844
Andrew Hersom, 860-277-0902
Marc Parr, 860-277-0779
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