Portuguese insurance company Fidelidade Mundial SA, which is owned by Fosun International of China, has announced that it will begin selling insurance in Chile, Lusa reports.

The Portuguese news agency, citing a written announcement issued by Fidelidade Mundial, says the Chilean arm of the company, Fid Chile, will have a staff of about 60, who will concentrate on selling insurance in Santiago and other important Chilean cities, such as Viña del Mar, La Serena and Valdivia.

The announcement quotes Fidelidade Mundial President Jorge Magalhães Correia as saying his company has been expanding in emerging markets for insurance that have potential to grow.

Fidelidade Mundial sells insurance on four continents, Lusa says.

In January a Portuguese financial news website, Dinheiro Vivo, reported that Fidelidade Mundial had bought 51 percent of Peruvian insurer La Positiva Seguros.