Talanx Group, the German mother or father firm of world reinsurer Hannover Re, has efficiently finalised the acquisition of Liberty Seguros in Brazil.

The strategic transfer, in keeping with the corporate’s earlier announcement this yr, entails taking up the enterprise of Liberty Seguros, specializing in retail prospects and small to mid-sized enterprises within the Brazilian market.

The acquisition was executed via HDI Worldwide, a subsidiary of the Talanx Group, propelling HDI to change into the second-largest participant in Brazil’s property and casualty insurance coverage market. The transaction additionally encompasses the direct insurance coverage enterprise of Liberty Specialty Market in Brazil.

Anticipating constructive monetary outcomes, HDI tasks a major enhance in gross written premiums in Brazil by a minimum of €1.1 billion for the total yr 2022, following the profitable completion of the deal.

Ranging from the completion of the acquisition in This fall 2023, HDI Worldwide will combine the outcomes of the acquired entity into its consolidated outcomes. In the meantime, the acquisition of different Liberty Mutual corporations in Chile, Colombia, and Ecuador is contingent upon assembly commonplace closing circumstances, equivalent to acquiring regulatory approvals. This course of is anticipated to be finalized within the first half of 2024.

Dr. Wilm Langenbach, a key determine in Talanx AG’s Board of Administration overseeing the Retail Worldwide division and serving because the Chief Govt Officer of HDI Worldwide AG, expressed delight on the swift and profitable conclusion of the transaction in Brazil. He highlighted this achievement as a pivotal step in direction of establishing HDI as one of many high two property and casualty insurers in Latin America.

He stated: “I want to lengthen a heat welcome to our new colleagues, distribution companions and prospects and I admire the belief they present in us. The mixed scale, capabilities and expertise will allow us to ship an excellent stronger worth proposition for our distribution companions and prospects.”

Nicolas Masjuan, Head of Latin America at HDI Worldwide, stated: “With this transaction, we have gotten the second largest P&C insurer in Brazil.”

He added: “ We’re excited to additional improve our place and our enterprise mannequin via the mix of HDI and Liberty in Brazil for the good thing about our companions and purchasers.”