July 13, 2015 - Liberty International Holdings Inc, member of the Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the world, today announced the expansion of its presence in Chile by agreeing to acquire an additional insurance company, Compañia de Seguros Generales Penta Security S.A., the fourth largest non-life insurer in Chile. The transaction is subject to the approval of the insurance regulator, the Superintendencia de Valores y Seguros (SVS) and the procedures established by the Chilean stock market laws, known as public tender offer.
Penta offers a diversified portfolio, including personal and commercial insurance, a business portfolio that matches Liberty Mutual’s portfolio in the region. Liberty has been growing its presence in Chile over the past 10-plus years. Liberty first entered Chile in 2004 with the acquisition of AGF Allianz Chile and subsequently acquired ING Chile in 2005.
Liberty Mutual remains committed to the country and the Latin American region. Penta offers a solid opportunity for Liberty Mutual Insurance to continue its expansion and growth in Chile’s USD $3 billion non-life insurance market.
“Liberty Mutual has seen consistent results in Chile, and believes in the future growth it can offer,” said Luis Bonell, President, Liberty International, one of Liberty Mutual’s four strategic business units. “Penta offers a strategic complement to the business in the country and region.”
“The Chilean P&C market reported a compound annual growth rate of 9,3% over the past five years,” added Pablo Barahona, Chief Operating Officer, Latin America & Continental Europe, Liberty International. “The strength of the Chilean market provides an environment for growth, and Penta delivered the right opportunity.”
About Liberty International
The acquisition in Chile adds to Liberty Mutual's International local business operations that sell to individuals and businesses in three geographic regions: Latin America, including Venezuela, Brazil, Colombia, Ecuador, and Chile; Europe, including Spain, Portugal, Turkey, Poland, Ireland and Russia; and, Asia, including Thailand, Singapore, India, Malaysia, China (including Hong Kong) and Vietnam.
Private passenger automobile insurance is the single largest line of business for Liberty Mutual's International operations, which insures more than 5.9 million autos worldwide.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners. Liberty Mutual also is ranked 78th on the Fortune 100 list of largest corporations in the U.S. based on 2014 revenue. The company employs over 50,000 people in more than 900 offices throughout the world.
The fifth-largest auto and home insurer in the U.S., Liberty Mutual (libertymutual.com) sells full lines of coverage for automobile, homeowners, valuable possessions, personal liability, and individual life insurance. The company is an industry leader in affinity partnerships, offering car and home insurance to employees and members of more than 14,000 companies, credit unions, professional associations and alumni groups.
