HDI buys US specialty insurer from Lumbermens
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German insurer HDI Global SE said Tuesday it has bought Indiana Lumbermens Insurance Co., a unit of Pennsylvania Lumbermens Mutual Insurance Co.
Terms of the deal were not disclosed.
The transaction, which closed Nov. 30, will allow HDI, a Hanover, Germany-based unit of Talanx Group, to enter the U.S. surety market, HDI said in a statement.
“The licenses will allow us to organically expand our specialty lines product portfolio in the world’s largest specialty insurance market,” said Ralph Beutter, CEO of HDI Global Specialty.
With the purchase, HDI has two admitted and one nonadmitted units in the United States.
