In each case, TALANX is acquiring more than 90% of the shares of the GENERALI majority shareholders. The purchase price for the shares is around EUR 30 million. The acquisition is subject to approval by the Colombian regulatory authority. The transaction is expected to close by the end of the year.
At the same time, GENERALI said it has completed the sale of its P&C unit in Guatemala to its long-term trusted local partners, the NEUTZE family.
"These transactions are another step forward in the rebalancing of GENERALI Group geographical presence across the world. We are making good progress in the rationalization of our geographical footprint pursuing our strategy to make GENERALI a simpler and smarter company", said Frederic de COURTOIS, Group Ceo Global Business Lines & International, GENERALI.
"For TALANX, the acquisition of GENERALI Colombia is a strategic step to open up the fifth largest Latin American market. For us, this means further strengthening our position in the target region. The companies are well positioned and have strong management, which will contribute to the TALANX Group's continued growth and success. I am very much looking forward to working with them", says Torsten LEUE, a member and Chairman of the Board of Management at TALANX International AG.
In 2016, GENERALI Colombia recorded a total premium income of around EUR 59 million and a shareholders' equity of approximately EUR 22 million. GENERALI Colombia share in the local insurance market is below 1%, ranking #22.