Australian insurer QBE has extended its presence in Latin America through the acquisition of a Brazilian insurance company, Reliance National Brasil Seguros.
The operation, which has been renamed QBE Brasil Seguros, will be headquartered in Sao Paulo, with a branch in the northern city of Recife. It will be managed through QBE's New York office.
The company's annual gross written premium is approximately $7m (£4.8m).
QBE already underwrites business in Latin America through QBE Re, QBE Del Istmo Re and through its Lloyds and European company operations.
The company has operations in Argentina, Panama, Mexico and Peru.
