The Travelers Companies has announced that its joint venture with J. Malucelli in Brazil will acquire a majority interest in Cardinal Compañía de Seguros, a Colombian start-up surety provider.

The business will be co-branded as J. Malucelli Travelers. It will continue to be based in Bogotá. Terms of the transaction were not disclosed.

"This investment builds on our successful joint venture with J. Malucelli and positions this platform to capitalize on profitable opportunities in Colombia," said Tom Kunkel, President of Bond & Specialty Insurance at Travelers.

The transaction is expected to close in the second quarter of 2015, subject to regulatory approvals and customary closing conditions.