Actis Commits US$100 Million to Create Brazil-based Insurance Brokerage Platform IT’sSEG (Latin America)
Pan-emerging markets private equity firm Actis has committed US$100 million to create IT’sSEG, a buy and build insurance brokerage platform in Brazil. Actis is partnering with Thomaz Menezes, former CEO of Marsh Latin America, who will be a shareholder and act as CEO of the platform. IT’sSEG has already acquired three existing companies: Torres Benefícios, a corporate benefits broker; Barela, a retail-focused benefits broker; and Raduan, which covers both corporate and retail benefits insurance distribution. Together these businesses give the IT’sSEG platform a reach of more than 400,000 people, with a total of approximately US$400 million in annual premiums.