The Talanx representatives mentioned that HDI is thereby strengthening its market position in Brazil and moves up to number 2 in the property and casualty insurance market. Based on the results for the full year 2022, HDI expects gross written premiums in Brazil to increase by at least EUR 1.1 billion.
"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 2 P&C insurers in Latin America," said Wilm Langenbach, the member of Talanx AG's Board of Management responsible for the Retail International division and Chief Executive Officer of HDI International AG.
"I would like to extend a warm welcome to our new colleagues, distribution partners and customers and I appreciate the trust they show in us. The combined scale, capabilities and talent will enable us to deliver an even stronger value proposition for our distribution partners and customers."
HDI International will consolidate the results of the acquired entity with effect from closing of the acquisition for the fourth quarter of 2023. The purchase of the other Liberty Mutual companies in Chile, Colombia and Ecuador remains subject to satisfaction of customary closing conditions, including receipt of regulatory approvals, and is expected to close in the first half of 2024.
“With this transaction, we are becoming the second largest P&C insurer in Brazil” said Nicolas Masjuan, Head of Latin America at HDI International.
“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”.
The transaction also includes Liberty Specialty Markets direct insurance business in Brazil.
HDI International AG has been present in Brazil since 1979 with HDI Seguros S.A. Going forward, HDI Seguros and the acquired company will offer insurance services through more than 4,800 employees, 100 branches (physical and virtual) and over 30,000 insurance brokers and distribution partners. Based on the results for the full year 2022, they are expected to generate a combined pro forma premium volume of at least BRL 12.8 billion (EUR 2.3 billion).
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