Axa is buying a majority stake in Grupo Mercantil Colpatria’s insurance operations for about $346.1 million.

Colpatria Seguros, the target, offers property and casualty, life and savings, workers compensation and motor third-party liability insurance. The company’s revenues increased 14 percent to about $1.1 billion in 2012.

Axa is a Paris-based insurance provider. The company is buying a 51 percent stake in Colpatria.

The deal allows Axa to enter the Colombian insurance market. The company expects to consolidate Colpatria’s operations with its Mediterranean and Latin American regional businesses.

The deal follows a long period of insurance consolidation, with recent deals from Confie Seguros, which bought three insurers in October, and USI Insurance Services, which acquired Alliance Benefit Solutions

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