Germany's third-largest insurer Talanx has agreed to buy a majority stake in Chilean rival Inversiones Magallanes.
The $220 million deal will see Talanx buy a stake of around 70 percent in the Chilean insurer from its controlling family. It will make Talanx one of the five largest insurers in Chile.
Talanx will also launch a public offer aimed at buying out minority shareholders in Inversiones Magallanes.