Corporate News

Talanx completes acquisitions in Chile, Colombia and Ecuador

  • Acquisition of companies from Liberty Mutual Insurance Company Inc. makes Talanx second-largest property and casualty insurer in Latin America
  • Transaction also closes in the Andean perimeter following Brazil’s recent closing in November

On 1 March 2024, the Retail International Division of the Talanx Group successfully completed the acquisition of the business of Liberty Seguros in Chile, Colombia and Ecuador with retail customers and small to mid-sized enterprises. HDI has thereby strengthened its market positions and moves up to number 1 in Chile, number 7 in Colombia and number 15 in Ecuador in P&C insurance business. Based on the results for the full 2022 financial year, HDI expects to boost the premium in these countries by altogether more than EUR 600 million. Combined with the acquisition in Brazil that closed in November, the annual premium income will likely increase by around EUR 1.7 billion.

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from left to right: Carlos López, Jochen Sand, Alejandro Jiménez, Paula Greene, Nicolás Masjuan, Felipe Feres, Wilm Langenbach, Diego Granger, Roberto Larraín, Jorge Moreno

"The acquisition is a major milestone in our strategic success story in Latin America. We are delighted to have advanced into the top 2 P&C insurers as a result of all Liberty acquisitions," said Dr Wilm Langenbach, the member of the Board of Management of Talanx AG with responsibility for the Retail International Division and Chief Executive Officer of HDI International AG. "I'd like to extend a warm welcome to our new colleagues, distribution partners and customers in Chile, Colombia and Ecuador. I have no doubt that we shall combine our know-how and global resources with the skills and experience of Liberty Seguros and thereby enhance our power of scale, innovation and competitiveness for the benefit of our distribution partners and customers on the Latin American market."

HDI International will consolidate the results of the acquired companies in the first quarter of 2024 with effect from closing of the transaction.

"The transaction makes us the P&C market leader in Chile, significantly strengthens our market position in Colombia, allowing us to become the second largest motor insurer, and opens a new market for HDI in Ecuador," said Nicolas Masjuan, the member of the Management Board of HDI International AG responsible for business in Latin America. "This move opens up new opportunities and positions HDI as a leading player, enabling us to offer our customers and distribution partners an even stronger value proposition over the long term."

The transaction also includes Liberty Specialty Markets direct insurance business in Chile and Colombia.

On a pro-forma basis for the full-year results for 2022, HDI Seguros and Liberty Seguros in Chile with a total workforce of 1,300 together generated a premium volume of around CLP 840 billion (EUR 920 million). In Colombia the two companies with a team of altogether around 1,200 employees have generated a premium volume of approximately COP 1.5 billion (EUR 300 million). The acquired company in Ecuador will add approximately 140 people to the workforce. The premium volume was around USD 33 million (EUR 31 million).

Footnote The exchange rate used to convert the premium volumes is from 31 December 2022: CLP/EUR = 915.59, COP/EUR = 5,178.78, USD/EUR = 1.07

Further Information


This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.