Generali sells Colombia business to Talanx
Generali sells Colombia business to Talanx Reprints
Generali Group has agreed to sell its insurance business in Colombia to German rival Talanx Group for about €30 million ($34.5 million).
The property insurance unit, Generali Colombia Seguros Generales S.A., and the life insurance unit, Generali Colombia Vida Compañia de Seguros S.A., have combined premium volume of about €59 million ($67.9 million) and pretax profit of about €2 million ($2.3 million), according to a Talanx statement on Wednesday.
The business is comprised of about 70% property insurance and 30% life insurance, the statement said.
“From a fronting perspective, the new companies will also help Talanx underwrite business with the industrial lines division in Colombia,” the statement said.
The acquired companies are headquartered in Bogota and have eight branch offices, the statement said.
Generali appointed bankers to sell its units Colombia and units some other Latin American markets earlier this year as it decided to leave markets where it lacked scale.
“These transactions are another step forward in the rebalancing of Generali Group geographical presence across the world,” said Frédéric de Courtois, Generali’s group CEO global business lines and international, in a statement.
Talanx’s insurance units include Hannover Re S.E. and HDI Global S.E.
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