Boston-based Liberty Mutual Group announced that its Brazilian subsidiary, Liberty International Brasil Ltda, has signed an agreement to buy 100 percent of Indiana Seguros, S.A., subject to regulatory approval in Brazil.
Liberty noted that upon completion, “Liberty Brazil will become the 10th largest property and casualty insurer in the Brazilian insurance market, with a market share of 3.2 percent, a portfolio of more than one million clients, and net written premium of $580 million. The transaction will also make Liberty Brazil the 6th largest auto insurer in the market, with a 6.4 percent market share.”
Edmund F. Kelly, Liberty’s Chairman, President and CEO, said the acquisition would “help us consolidate our position in Brazil.” He also indicated that “Indiana Seguros brings to our Brazilian operations a strong expertise in alternative channels, broadening and strengthening our distribution mix. Its $180 million in net written premium and more than 500 employees will expand our presence significantly in the most important cities in Brazil.”
Indiana Seguros was founded in 1943 by the Afif family. Its main product is private passenger auto, sold through car dealers and retail producers throughout the country. Additionally, Indiana Seguros writes homeowners and life insurance – both individual and group. The company’s current shareholders are the Afifs, with 60 percent, and the Bradesco Group, with 40 percent. Both Guilherme Afif Domingos and Claudio Afif Domingos will continue to serve on the board of Indiana Seguros.
The bulletin also surveyed Liberty’s commitment to the Brazilian market, where it has had a presence since 1996, when it acquired Paulista Seguros, a long-standing Brazilian property and casualty insurance company. The Group recently participated in the country’s largest wind power plant project.
“Liberty Seguros S.A., headquartered in Sao Paulo, has 76 branch offices around the country with more than 1,000 employees who serve 600,000 clients and nearly 10,000 brokers. For more information on the company’s products and services, contact the Sao Paulo office at 55-11-5503-4000 or visit Liberty Seguros’s web site at: www.libertyseguros.com.br.,” the bulletin noted.
Source Liberty Mutual – www.libertymutual.com
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