As announced four years ago, when they acquired Generali Seguros Colombia, the Talanax Group, of German origin, is advancing in its goal of being the fifth largest player in the country’s insurance industry and the third in Latin America. For it announced this Wednesday the purchase of the operations of the insured Liberty Mutual Insurance, for which they agreed to pay 1,480 million euros (about 1,587 million dollars).
(Also read: The Colombian banks with the best profits in March 2023)
Grupo Talanx also controls HDI Internacional with operations in Colombia, Brazil, Chile and Ecuador.
“The acquisition fits perfectly into our strategy to achieve market-leading positions in our core markets through organic and inorganic growth. Along with Europe, Latin America is one of our core regions in the retail business. Therefore, we are pleased to be in the top 3 in Latin America with this acquisition, it will enhance our Group net income and our return on equity the first year after closing expected in 2024. The acquisition will further strengthen our primary insurance and our diversification into business lines”, excluded Torsten Leue, Chairman of the Board of Management of Talanx AG.
(You may also be interested in: Why insuring your car costs almost twice what it was a year ago today)
Thus, HDI Seguros will continue to position itself as one of the leading companies in the insurance market in the region, fulfilling its promises of value and exceeding the expectations of its intermediaries, strategic allies, and clients.
Closing on the purchase is expected in the first half of 2024 pending approval from the relevant government and regulatory authorities.
HDI International has a presence in the countries of Brazil, Chile and Colombia through its subsidiaries, has about 1,200 employees and it left a gross volume of premiums of around 1,506 million dollars in premiums in the countries where it operates in Latin America.
Liberty Mutual, meanwhile, operates in 29 countries, making it one of the world’s largest insurance companies by revenue. Liberty Seguros Brasil held, in 2022, one of the top 5 positions in auto insurance and one of the top 10 in home and accident insurance, in addition to having a distribution network of 20,000 independent distributors.
HDI directives increase their capital in Latin America by around 1,824 million dollars, The company’s Latin American portfolio will be significantly better diversified as a result of the business extension, increasing it by approximately 45 percent.
