Talanx acquires Liberty Mutual's Turkish unit
The Germany-based group Talanx is acquiring 99.4 percent of the shares in Liberty Sigorta, the Turkish non-life subsidiary of US-based Liberty Mutual Group.
Through the acquisition Talanx is strengthening its presence in Turkey, one of the group's core markets. The transaction is subject to obtaining the relevant regulatory approvals, which 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. "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 €56 million and had a portfolio of more than 700,000 policyholders.
Talanx subsidiary HDI Sigorta has been operating in Turkey's non-life insurance market since 2006. The company provides insurance services through its nine regional offices. In 2016, HDI Sigorta achieved a premium volume of €261 million with a market share of 2.5 percent.
Talanx operates under a number of different brands, including HDI, which delivers insurance solutions to retail customers and industrial clients, Hannover Re, a major reinsurers, the bancassurance specialists neue leben insurers, PB insurers and TARGO insurers as well as Ampega, a funds provider and asset manager.
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