British speciality re/insurer Markel International has sold its Brazilian insurance operations to its current executive team after a strategic review.

Known as Markel Seguradora do Brasil, the Brazil unit has authorisation to operate in the direct insurance market in different classes across the country. The unit majorly focuses on agricultural business.

The company was sold to the management team which consists of CEO for Latin America Carlos Caputo, vice president Gabriel Boyer and technical director Rodrigo Motroni.

They have acquired the shares of Markel Seguradora and are the sole shareholders as of 1 October 2019.

The divest business will be rebranded to NEWE Seguros after the deal receives clearance from SUSEP.

The insurer said that the move will not affect the business, customers or partners. All business will be conducted as before and continue to be managed by the same executives.

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Commenting on the sale, Caputo said: “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.

“We will keep in our DNA the vocation for specialty business and our main target from now on is to improve the company’s efficiency and expand the offer of products and innovative solutions to our clients.”

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

In August, Markel International purchased a minority stake in specialty insurance managing general agent (MGA) The Hagerty Group in a transaction worth $212.5m.