QUAL3 Qualicorp Consultoria e Corretora de Seguros S.A.

By Jeffrey T. Lewis

SÃO PAULO--Qualicorp Consultoria e Corretora de Seguros SA's shares were 7.3% higher after the insurance brokerage said Blackrock Inc. boosted its stake in the Brazilian company to over 10%.

Shares reached 6.16 reais, the equivalent of $1.20, and are down 66% from the end of last year through Thursday's close. Brazil's benchmark Ibovespa stock index was up 1.6% in midday trading.

Qualicorp said Friday morning that it had been informed by Blackrock that the U.S. investment management company, on behalf of some clients, acquired and now holds 28.5 million common shares in the insurance brokerage, for a stake of about 10%.

Blackrock also holds 3.8 million derivative financial instruments representing about 1.3% of total shares issued by Qualicorp, the Brazilian company said. Blackrock informed Qualicorp that the stake is strictly for investment purposes and it has made no agreements regulating the exercise of voting rights, according to the Brazilian company.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

December 23, 2022 10:41 ET (15:41 GMT)

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