Photo (from left to right): Dr Wilm Langenbach, Eduardo Dal Ri, Nicolas Masjuan
"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 Dr. 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).
FX rate used to translate the expected premium volume is as of December 31, 2022, BRL/EUR = 5.4833.
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.