- After a public tender offer, Talanx holds more than 99 percent of the shares in Inversiones Magallanes
- Chairman of the Talanx Board of Management Herbert K. Haas welcomes new employees to the Talanx Group
- Talanx becomes one of the leading composite insurers in Chile as a result of the acquisition
Hannover/Santiago, 24 February 2015
The Talanx Group takes over the Chilean insurance group Inversiones Magallanes. After a public tender offer to the owners of the company, Talanx holds more than 99 percent of the shares in Magallanes. Altogether, Talanx paid the equivalent of around EUR 180 million for the takeover.
"Our Group would already like to give a very warm welcome to the employees of Inversiones Magallanes," commented Herbert K. Haas, Chairman of the Board of Management of Talanx AG. Torsten Leue, Board Member of Talanx AG responsible for International Retail and Chairman of the Management Board of Talanx International AG, 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."
The acquisition still has to be approved by the Chilean Supervisory Authority. This takeover will help Talanx to continue enhancing its presence in the strategic target region of Latin America. The Group is already represented in Chilean retail and corporate business with the HDI brand. This acquisition will also make Talanx 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.
About Talanx
With premium income of EUR 28.1 billion (2013) and more than 21,500 employees, Talanx is Germany's third-largest and Europe's seventh-largest insurance group. The Hannover-based Group is active in some 150 countries. Talanx operates as a multi-brand provider with a focus on B2B insurance. The Group's brands include HDI, the global industrial insurer HDI-Gerling, Hannover Re, one of the world's leading reinsurers, Targo Versicherungen, PB Versicherungen and Neue Leben, the latter all specialized in bancassurance, and the financial services provider Ampega. The takeovers of TU Europa and TUiR Warta S.A. have now made Poland the second core market of Talanx. The rating agency Standard & Poor's has given the Talanx Primary Group a financial strength rating of A+/stable (strong) and the Hannover Re Group one of AA-/ stable (very strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX as well as on the stock exchanges in Hannover and Warsaw (ISIN: DE000TLX1005, German Securities Code: TLX100, Polish Securities Code: TNX).
About Talanx International
Talanx International AG manages the Retail International Division of the Talanx Group and has more than twenty subsidiaries in 14 countries with a focus on strategic target regions Latin America and Central and Eastern Europe. Gross premium income amounted to EUR 4.2 billion in 2013. The product range includes packages for motor insurance, property and casualty insurance, marine and fire insurance, and life insurance plans.
You can find additional information by going to www.talanx.com.
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For media enquiries please contact:
Andreas Krosta Tel.: +49 511-3747-2020
E-mail: andreas.krosta@talanx.com
Dr. Gesa Panetta Tel.: +49 511-3747-2748
E-mail: gesa.panetta@talanx.com
For Investor Relations please contact:
Carsten Werle, CFA Tel.: +49 511-3747-2231
E-mail: carsten.werle@talanx.com
Marcus Sander, CFA Tel.: +49 511-3747-2368
E-mail: marcus.sander@talanx.com
Disclaimer
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG's control, affect Talanx AG's business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement.
Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
