Liberty worldwide Holdings Inc., member of the freedom
Mutual insurance institution, introduced the expansion of its presence in Chile
with the aid of agreeing to collect an extra insurance agency, Compañia de
Seguros Generales Penta protection S.A.,
the fourth largest non-lifestyles insurer in Chile.
The transaction is subject to the approval of the insurance
regulator, the Superintendencia de Valores y Seguros (SVS) and the methods
installed by using the Chilean stock market legal guidelines, referred to as
public soft provide.
Penta offers a different portfolio, along with personal and
commercial insurance, a commercial enterprise portfolio that fits Liberty
Mutual’s portfolio inside the location. Liberty has been developing its
presence in Chile during the last 10-plus years. Liberty first entered Chile in
2004 with the purchase of AGF Allianz Chile and eventually acquired ING Chile
in 2005.
Liberty Mutual remains committed to the u . s . and the
Latin American place, the company said in a declaration, noting that Penta
gives a solid possibility for Liberty Mutual coverage to preserve its expansion
and increase in Chile’s USD$three billion non-existence coverage market.
“Liberty Mutual has seen regular effects in Chile, and
believes within the future increase it may offer,” stated Luis Bonell,
president, Liberty global, one among Liberty Mutual’s four strategic enterprise
gadgets. “Penta gives a strategic complement to the enterprise within the us of
a and area.”
“The Chilean p.c marketplace mentioned a compound annual
boom charge of 9,three percentage over
the past five years,” brought Pablo Barahona, leader running officer, Latin the
us & Continental Europe, Liberty worldwide. “The power of the Chilean
marketplace provides an surroundings for boom, and Penta delivered the proper
opportunity.”
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