"LIBERTY Sigorta has a balanced portfolio mix and a distribution network of 760 intermediaries making it a good fit with our strategy in Turkey", said Torsten LEUE, Chairman of the Management Board of TALANX International and Member of the Board of Management of TALANX AG.
The German insurer pointed out that the acquisition enables TALANX to strengthen its presence in one of the Group's core markets. "The acquisition takes TALANX one step closer to the strategic target of becoming one of the top 5 players in its core markets".
According to the 3Q2017 market figures published by TSB (Insurance Association of Turkey), of a total of 60 active non-life insurers, HDI Sigorta ranked 14th (GWP of TRY 761.3 million / EUR 181.3 million, 2.7% market share), while LIBERTY Sigorta ranked 28th (GWP of TRY 158.6 million / EUR 37.8 million, 0.6% market share).
Closing the transaction is subject to obtaining the relevant regulatory approvals, and this is expected to occur in the first half of 2018.
In 2016, LIBERTY Sigorta generated GWP of EUR 56 million and had a portfolio of more than 700,000 policyholders.
TALANX has been operating in Turkey's insurance market since 2006 through the non-life insurer HDI Sigorta. In 2016, HDI Sigorta achieved a premium volume of EUR 261 million with a market share of 2.5%.