Talanx completes acquisitions in Chile, Colombia and Ecuador

"The acquisition is a major milestone in our strategic success story in Latin America. We are delighted to have advanced into the top 2 P&C insurers as a result of all Liberty acquisitions," said Dr Wilm Langenbach, the member of the Board of Management of Talanx AG with responsibility for the Retail International Division and Chief Executive Officer of HDI International AG. "I'd like to extend a warm welcome to our new colleagues, distribution partners and customers in Chile, Colombia and Ecuador. I have no doubt that we shall combine our know-how and global resources with the skills and experience of Liberty Seguros and thereby enhance our power of scale, innovation and competitiveness for the benefit of our distribution partners and customers on the Latin American market."

HDI International will consolidate the results of the acquired companies in the first quarter of 2024 with effect from closing of the transaction.

"The transaction makes us the P&C market leader in Chile, significantly strengthens our market position in Colombia, allowing us to become the second largest motor insurer, and opens a new market for HDI in Ecuador," said Nicolas Masjuan, the member of the Management Board of HDI International AG responsible for business in Latin America. "This move opens up new opportunities and positions HDI as a leading player, enabling us to offer our customers and distribution partners an even stronger value proposition over the long term."

The transaction also includes Liberty Specialty Markets direct insurance business in Chile and Colombia.

On a pro-forma basis for the full-year results for 2022, HDI Seguros and Liberty Seguros in Chile with a total workforce of 1,300 together generated a premium volume of around CLP 840 billion (EUR 920 million). In Colombia the two companies with a team of altogether around 1,200 employees have generated a premium volume of approximately COP 1.5 billion (EUR 300 million). The acquired company in Ecuador will add approximately 140 people to the workforce. The premium volume was around USD 33 million (EUR 31 million).