HDI Worldwide acquires retail enterprise of Sompo Seguros

HDI Worldwide acquires retail enterprise of Sompo Seguros


HDI Worldwide has acquired the retail enterprise of Brazilian agency Sompo Seguros.

HDI Global logoIn response to the agency, it will allow it to achieve scale in motor whereas diversifying into non-motor property and casualty in addition to life safety enterprise. HDI stated it can additionally strengthen its market place in Brazil, reaching rank 7 within the P&C and rank 4 within the motor insurance coverage market.

Nicolas Masjuan, head of LATAM at HDI Worldwide, stated: “[This] acquisition in our core market Brazil strengthens our market place in some key areas in Brazil, particularly in São Paulo, the nation’s largest metropolis, and diversifies our portfolio into Life Safety in addition to gaining scale in Residential & Property. Moreover, we’re capable of obtain important synergies by combining Sompo´s retail enterprise with our present enterprise in Brazil.”

The preliminary buy worth cost is topic to sure closing account and different changes and anticipated to quantity to roughly BRL 1,050 million. It could be adjusted up or down primarily based on sure performance-based standards submit closing. From the monetary yr 2023 onwards, the transaction is anticipated to be earnings accretive.

Sompo Seguros is a part of the Sompo Holdings Group based in 1943. The corporate operates in retail insurance coverage and industrial traces.

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As a part of a strategic reorientation on the economic traces section in Brazil, Sompo Seguros will spin off the retail enterprise into a brand new firm and switch the brand new firm to HDI. The retail enterprise at present contains 22 department workplaces positioned all through Brazil, with a related focus in São Paulo. Following a transitional interval, the enterprise can be continued underneath HDI’s model.

HDI Worldwide has a presence in Brazil by means of HDI Seguros with a concentrate on the motor insurance coverage market. The Talanx Industrial Strains division additionally operates in Brazil by means of HDI International Seguros. The mixed entities of Talanx would convey the group near a TOP5 place within the Brazilian P&C market.

Talanx intends to finance the transaction from present liquid funds. This transaction is topic to the approval of the accountable supervisory authorities. The closing of this transaction is anticipated in the midst of 2023.

HDI Worldwide is a subsidiary agency of Talanx. Dr. Wilm Langenbach, board member of the previous, stated: “In a consolidating market, scale and diversification turn out to be an increasing number of necessary. This acquisition allows us to proceed our success story in Brazil which is the biggest insurance coverage market in Latin America with important worthwhile development potential within the mid- and long-term.”

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