The parent company of reinsurance giant Hannover Re, Talanx Group, has agreed to acquire 99.4% of the shares in Liberty Sigorta A.S., Liberty Mutual Group’s Turkish non-life subsidiary.
The transaction enables Talanx to strengthen its presence in the Turkish marketplace, which is one of its core markets, and is expected to close during the first-half of 2018.
Liberty Sigorta has been operating in Turkey since 2006, and recorded gross written premiums of €56 million and had a portfolio of over 700,000 policyholders in 2016.
Torsten Leue, Chairman of the Management Board of Talanx International and Member of the Board of Management of Talanx AG, commented; “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.”
