HDI-Gerling International is not looking at any assets AIG (NYSE: AIG) has put up for sale in Latin America, the German insurer's regional manager Sergio Bunin told BNamericas.
Parent company Talanx was reportedly eyeing part of AIG's assets to expand in Central and Eastern Europe and Latin America, where it already operates in Chile and Brazil.
"Our strategy is to grow in all Latin America and Eastern Europe, but step by step. Brazil and Chile are the ideal platforms to do it," Bunin said.
Last July, HDI-Gerling bought Chilean P&C insurer ISE Chile in what was planned to be the first of many such acquisitions as part of the German company's expansion plan in Latin America.
"We are very happy with the acquisition of ISE Chile, growth has been better than expected," Bunin said, adding the insurer will soon be rebranded HDI Seguros.
ISE Chile grew premiums 8.23% in January-September to 15.8bn pesos (US$23.5mn).
HDI Seguros is one of Brazil's top 10 car insurers with over 1mn policies sold and a dominant position in the state of Paraná.
"In Brazil, we keep growing and penetrating markets. We recently opened a new branch in São Paulo to serve the country's biggest market and will keep opening offices in the country," he said.
HDI Seguros has said it expects premiums to top 1bn reais (US$390mn) in Brazil this year.
Talanx recently said it expected 2008 net income to fall 93% to 32mn euros (US$40.3mn), driven by losses caused by the financial crisis, while gross written premiums will contract by 1% to 18.9bn euros, primarily due to exchange rate effects.
No comments:
Post a Comment