Following a strategic review, Markel International has decided to sell its insurance operations in Brazil to the unit’s existing management team.

The regional unit, Markel Seguradora do Brasil, is authorised to operate in the direct insurance market in different classes throughout Brazil; it is primarily focused on the agricultural business, a release noted.

Markel Seguradora’s existing executive team is composed of Latin America CEO Carlos Caputo, vice-president Gabriel Boyer, and technical director Rodrigo Motroni.

The three acquired all the shares of Markel Seguradora and are now the company’s sole shareholders, as of October 01, 2019. Subsequently, the company will change its name to NEWE Seguros, subject to SUSEP ratification.

A release said that apart from the name change, there will be no other changes to the business, and customers as well as partners will be unaffected. All previous business with Markel Seguradora will be conducted as before and contracts and policies will follow their regular course.

“We’re extremely proud to have been a part of Markel over the last five years but look forward to this next part of our journey,” chief executive Caputo commented. “We believe that agribusiness will continue to be the most important pillar for our business and country’s growth and are committed to continuing to provide excellence in services to our clients and partners.

“It has been a pleasure working with Carlos and his team in Brazil and we wish them all success in the future,” stated Markel International president William Stovin.