Germany-based insurer Talanx Group’s Retail International division has completed the acquisition of Liberty Mutual Insurance’s Brazilian subsidiary Liberty Seguros.

As part of the agreement, which was announced in May 2023, Talanx has acquired Liberty Mutual subsidiary Liberty Seguros’ personal and small commercial activities in Brazil.

The transaction has been carried out through Talanx subsidiary HDI International.

Talanx management board member and HDI International CEO Dr Wilm Langenbach said: “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 two P&C [property and casualty] insurers in Latin America.

“The combined scale, capabilities and talent will enable us to deliver an even stronger value proposition for our distribution partners and customers.”

In the fourth quarter of 2023, HDI International plans to combine the acquired entity’s performance from the closing of the transaction.

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HDI International Latin America head Nicolas Masjuan said: “With this transaction, we are becoming the second largest P&C insurer in Brazil. 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.”

Furthermore, HDI anticipates a minimum rise of €1.1bn ($1.2bn) in gross written premiums in Brazil, based on the results for FY 2022.

Talanx, however, is due to complete the acquisition of Liberty Mutual’s other companies in Chile, Colombia and Ecuador.

This transaction, which is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals, is due to close in the first half of 2024.

The deal also comprises Liberty Specialty Markets’ direct insurance operations in Brazil, Chile and Colombia.