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).
Photo (from left to right): Dr Wilm Langenbach, Eduardo Dal Ri, Nicolas Masjuan