The Talanx Group, the parent company and majority shareholder of Hannover Re, has entered into a strategic 20-year bancassurance agreement with Afirme Grupo Financiero in Mexico to sell non-life and life products.
This partnership with Afirme Grupo Financiero aims to allow Talanx to realise its strategic objectives by growing in motor, non-motor, and life protection business.
This move, when combined with the acquisition of 100% of the shares of the group’s insurer Afirme Seguros, the transaction will strengthen HDI Seguros Mexico’s competitive position, says Talanx.
The parties have agreed not to disclose the financial terms of the transaction, which is expected to close in the first half of 2027, and is subject to customary regulatory approvals and closing conditions.
HDI International AG has established a presence in the Mexican market through HDI Seguros Mexico since 2009.
In 2025, the firm’s gross premium volume amounted to MXN 14,898 million (€704 million), while Afirme Seguros generated a gross premium volume of MXN 7,859 million (€372 million).
Dr Wilm Langenbach, Member of the Board of Management, Talanx AG, responsible for the Retail International division and Chief Executive Officer (CEO), HDI International AG, commented, “This partnership is an important milestone in the implementation of our strategy, bringing us closer to our goal of becoming a Top 5 player in the Mexican property and casualty market.
“The partnership with Afirme is aiming to leverage the excellent footprint, distribution reach and brand of Afirme and to provide excellent products and services, combining the capabilities of Afirme Seguros and HDI Seguros in Mexico. We are very much looking forward to work together and to combine the capabilities of our Afirme and HDI colleagues in this long-term strategic alliance.”
Jesús Ramírez, CEO, Afirme Grupo Financiero, added, “This alliance marks the beginning of a new phase of expansion and consolidation for two great institutions that have come together to offer a 2 more competitive value proposition for the market. Our Afirme brand, our distribution and close relationship with customers, combined with the capabilities of an international company, will create a strong offer for the Mexican market.”
Nicolas Masjuan, Member of the Board of Management, HDI International AG, Latin America, said, “Mexico is an important growth market for HDI International. This long-term partnership strengthens our market position in Mexico, expands our distribution mix and supports further diversification. Moreover, this deal solidifies our position as the Top 2 P&C insurer in Latin America.”
