Hogan Lovells has advised Suramericana S.A., the insurance subsidiary of Grupo de Inversiones Suramericana, on the £403m cash purchase of RSA Insurance Group's (‘RSA’) Latin America businesses.

RSA Latin America is a pan-regional insurance platform and one of the top ten international insurers in the region. It has an established presence in Chile, Argentina, Brazil, Mexico, Colombia and Uruguay, with a balanced portfolio mix.

The Hogan Lovells team advising Suramericana was led by London corporate partners Nicola Evans and Nigel Read, supported by senior associate Richard Diffenthal and associate Sarah Selvey-Clinton.

Commenting on the transaction, Nicola Evans, partner in the London corporate practice, said:

"This is an excellent purchase for our client, Suramericana, which is an experienced and committed player in Latin America and one of the main insurance groups in the region; today's deal forms part of the company's central business strategy. This is the largest remaining disposal underway by RSA and I expect this on-going trend of offloading non-core assets in the sector to continue."

The transaction is subject to obtaining relevant regulatory approvals in each of the countries. It is anticipated that all completions will have concluded during the course of 2016.