Emmanuel Thomas, DPA, Saturday, May 27, 2023
BERLIN – German multinational financial services company Talanx is taking over the Latin American business of US insurer Liberty Mutual Insurance for around $1.48 billion, the company declared on its website.
The business will be handled by the subsidiary HDI International, according to the company, which is listed on Germany’s MDax exchange.
The purchase includes Liberty’s private customer business in Brazil, Chile, Colombia and Ecuador, which has a gross premium volume of around €1.7 billion ($1.82 billion).
The closing of the transaction is still subject to competition law approvals. It is expected to take place in the first half of 2024, according to Talanx.
“With the acquisition of these Liberty Mutual operations we are continuing our success story in Latin America,” said Torsten Leue, head of the board at Talanx.
“The acquisition fits seamlessly into our strategy of achieving market-leading positions in our core markets through organic and inorganic growth,” Leue said.
“Alongside Europe, Latin America is one of our core regions in the retail business,” he said, adding that Talanx was “pleased to be among the top three in Latin America with this acquisition.”
