In announcing the acquisition last month, Talanx said that this increase its HDI International brand’s gross written premiums in Latin America by about €1.7 billion. The Hanover-based company also noted that while the deal includes Liberty Specialty Markets direct insurance business in Brazil, Chile, and Colombia, it “does not include Liberty Specialty Markets facultative reinsurance, Liberty Mutual Reinsurance treaty reinsurance, and Liberty Mutual Surety businesses, which will continue to operate in Brazil, Chile and Colombia.”

The acquisition of these Liberty holdings, which Talanx said it expects to close in the first quarter of 2024 pending governmental and regulatory approval, will make the HDI one of the largest operators in the Latin American retail insurance sector and marks a continuation of the company’s “success story” in the region, according to Torsten Leue, chairman of the board of Talanx Group.

“Alongside Europe, Latin America is one of our core regions in the retail business,” said Leue in a statement. “We are therefore pleased to be among the top three in Latin America with this acquisition. The acquisition will improve our group net income and our return on equity in the first year after the expected closing in 2024. The acquisition will further strengthen our primary insurance business and our diversification across business lines.”

In addition to its retail-focused HDI brand, Talanx Group operates reinsurance giant Hannover Re and asset management firm Ampeg, among other financial services companies.

Tim Sweeney, president and CEO of Liberty Mutual, praised his company’s ability to adapt to an evolving marketplace.

“In a world that is rapidly changing, sharpened operational focus across our channels, products, and markets is becoming increasingly important for long-term success and will ensure we deliver exceptional value to our customers, brokers, agents, partners, employees, and the communities we serve,” stated Sweeney.

(Photo credit: Talanx Group)

The technology tool allows policyholders to interface with company staff through video calls on WhatsApp to streamline their claims, something that can drastically reduce response times, according to the Liberty Seguros.

César Rodríguez, vice president of operations and compensation at Liberty Seguros, said a process that previously took between three to seven days can now be completed in under an hour.

The insurer has been implementing the video capability over the past two months and recently increased the rollout, which aims to speed up damage inspection reports related to factors including flooding and electronics. The number of perils that will be available within this video claims management solution is expected to expand in time to cover areas such as fire.

(Image credit: Microsiervos)