Turkish Insurance News

Talanx to acquire non-life insurer in Turkey

Talanx to acquire non-life insurer in Turkey
05 Şubat 2018 - 15:45

Talanx has agreed to acquire 99.4 percent of the shares in Liberty Sigorta A.S., the Turkish non-life subsidiary of US-based Liberty Mutual Group. The acquisition enables Talanx to strengthen its presence in Turkey, which is one of the Group’s core markets. Closing the transaction is subject to obtaining the relevant regulatory approvals, and this is expected to occur in the first half of 2018.

“Liberty Sigorta A.S. has a balanced portfolio mix and a distribution network of 760 intermediaries making it a good fit with our strategy in Turkey“, said Torsten Leue, Chairman of the Management Board of Talanx International and Member of the Board of Management of Talanx AG. The acquisition takes Talanx one step closer to the strategic target of becoming one of the top 5 players in its core markets.

In 2016, Liberty Sigorta generated gross written premiums of EUR 56 million and had a portfolio of more than 700,000 policyholders.

HDI Sigorta has been operating in Turkey’s non-life insurance market since 2006. The company provides insurance services through its 305 employees, 9 regional offices, more than 1,350 insurance agents and brokers, as well as 1,200 partner bank branches. In 2016, HDI Sigorta achieved a premium volume of EUR 261 million with a market share of 2.5 percent.