Talanx‘s Retail International division has successfully finalised the acquisition of of the business of Liberty Seguros with retail customers and small to mid-sized enterprises in Brazil.
This strategic move has propelled HDI, a part of Talanx Group, toward a stronger position Brazil’s property and casualty (P&C) insurance market.
The acquisition, executed on November 22, 2023, signifies HDI’s significant advancement in the Brazilian insurance landscape. The deal, worth an undisclosed amount, augments their market presence, enabling the firm to expand its offerings and consolidate its foothold in the region.
The move is set to significantly boosts its gross written premiums in Brazil. Expected to witness a substantial increase of at least EUR 1.1bn, this move is poised to redefine HDI’s footprint in the region.
The deal includes the assimilation of Liberty Specialty Markets’ direct insurance business in Brazil. While the acquisition’s completion for other Liberty Mutual entities in Chile, Colombia, and Ecuador is pending regulatory approvals, HDI International aims to consolidate its acquired entity’s results for the fourth quarter of 2023.
Talanx Group, through HDI International AG, has strategically integrated itself into the Brazilian insurance realm since 1979 via HDI Seguros S.A. This recent acquisition amplifies their collective capabilities, boasting over 4,800 employees, 100 branches (both physical and virtual), and an extensive network of more than 30,000 insurance brokers and distribution partners.
Nicolas Masjuan, Head of Latin America at HDI International, said, “With this transaction, we are becoming the second largest P&C insurer in Brazil. We are excited to further enhance our position and our business model through the combination of HDI and Liberty in Brazil for the benefit of our partners and clients.”
Dr. Wilm Langenbach, the member of Talanx AG’s Board of Management responsible for the Retail International division and Chief Executive Officer of HDI International AG, said, “We are delighted over the quick and successful closing of the transaction in Brazil. This is a first decisive step in breaking into the top 2 P&C insurers in Latin America. I would like to extend a warm welcome to our new colleagues, distribution partners and customers and I appreciate the trust they show in us. The combined scale, capabilities and talent will enable us to deliver an even stronger value proposition for our distribution partners and customers.”
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