Talanx completes Liberty Seguros deal in Brazil
Talanx has completed the acquisition of Liberty Seguros in Brazil from Liberty Mutual.
Talanx said its proposed acquisitions of Liberty Mutual’s operations in Chile, Colombia and Ecuador remain subject to regulatory approvals and other closing conditions, which should be at pace to complete in the first half of 2024.
The deal between Talanx and Liberty Mutual was announced in May this year. Talanx will pay about €1.38bn for the Latin American businesses to make it the third-largest player in the region’s P&C market.
Liberty Seguros Brazil, which focuses on retail and SME covers, will sit within Talanx’s HDI International unit. It will boost HDI’s gross written premiums in Brazil by €1.1bn to make it the second-largest insurer in the country’s P&C market. The deal also includes Liberty Specialty Markets direct insurance business in Brazil.
“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 two P&C insurers in Latin America,” said Dr Wilm Langenbach, CEO of HDI International. “The combined scale, capabilities and talent will enable us to deliver an even stronger value proposition for our distribution partners and customers.”
Nicolas Masjuan, head of Latin America at HDI International, added: “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”.
