25 February 2015 Insurance

Talanx takes over Chilean insurance group

Germany's third-largest insurer Talanx has acquired 99 percent of Chilean insurance group Inversiones Magallanes for around €180 million.

According to Talanx, the acquisition will make it one of the leading insurers in Chile. Based on the premium volume of the two companies in 2013, Talanx will move up the ranking to fifth place in Chilean composite business and will take the number two position in motor business.

Herbert Haas, chairman of the board of management of Talanx, said: “Our group would already like to give a very warm welcome to the employees of Inversiones Magallanes.”

Torsten Leue, board member of Talanx, added: “We are looking forward to very successful cooperation with our new colleagues. Together we will ensure that the customers of Inversiones Magallanes continue to receive the outstanding insurance services which they have been used to.”

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