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Seguros Caracas, the Venezuelan unit of U.S. insurance firm Liberty Mutual, has purchased local rival Seguros Panamerican for $56 million Thursday, creating the largest insurance company in the country.

Seguros Caracas bought a 99.8 percent stake in Panamerican from Chilean investment group Quiroga on the Caracas Stock Exchange. The acquisition would give Seguros Caracas annual revenues of an estimated $312 million.

Topics Mergers & Acquisitions