Talanx to acquire non-life insurer in Turkey

Talanx has agreed to acquire 99.4 percent of the shares in Liberty Sigorta A.S., the Turkish non-life subsidiary of US-based Liberty Mutual Group. The acquisition enables Talanx to strengthen its presence in Turkey, which is one of the Group’s core markets. Closing the transaction is subject to obtaining the relevant regulatory approvals, and this is expected to occur in the first half of 2018.

“Liberty Sigorta A.S. 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 acquisition takes Talanx one step closer to the strategic target of becoming one of the top 5 players in its core markets.

In 2016, Liberty Sigorta generated gross written premiums of EUR 56 million and had a portfolio of more than 700,000 policyholders.

HDI Sigorta has been operating in Turkey’s non-life insurance market since 2006. The company provides insurance services through its 305 employees, 9 regional offices, more than 1,350 insurance agents and brokers, as well as 1,200 partner bank branches. In 2016, HDI Sigorta achieved a premium volume of EUR 261 million with a market share of 2.5 percent.

Disclaimer

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.