Sul America Peru was sold to Equator Holdings

The Sul America Group, the second largest insurance company of Brazil, associated to Dutch based ING, has agreed to sell its Peruvian Property and Casualty insurance subsidiary, Sul America Peru ("SAP"), to Equator Holdings. Equator Holdings ("EIH") is an investment holding vehicle related to a group of Venezuelan investors that specializes in insurance companies in Latin America. The joint venture agreement between Sul America and ING included the divestiture by Sul America of all its operations outside of Brazil, in order to focus its efforts on its domestic business. Alpax acted as exclusive financial advisor to the Sul America Group.