22 December 2014 Insurance

Talanx targets top five spot in Chile

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.

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