Liberty Mutual Completes Chile M&A; Cámbara Named CEO of Chile Operations

Liberty Mutual insurance named Fernando Cámbara Lodigiani as CEO of its Chile operations following its acquisition of about ninety nine.6 percent of Compañía de Seguros Generales Penta protection S.A. (Penta security).

collectively with its present corporation, Liberty Compañía de Seguros Generales S.A., Liberty Mutual coverage is now the most important company of assets and casualty insurance in Chile, the Boston-based totally insurer said in a statement. (Penta safety is the fourth largest non-life insurer in Chile.)

With a control crew composed of executives from each groups, Penta safety offers a diverse portfolio of private and commercial insurance, Liberty Mutual said, noting that its products are constant to the ones offered via Liberty Seguros, which has grown drastically in the 10 years on account that Liberty Mutual first entered Chile.

In 2014, Liberty and Penta protection generated $171 billion Chilean pesos ($230.five million) and $226 billion Chilean pesos ($304.6 million) of direct written rates, respectively. the acquisition of Penta security reaffirms Liberty Mutual’s dedication to Chile and its continued desire to develop within the $three billion Chile assets & casualty insurance marketplace, the organization said.

“we are pleased to have Penta security be part of the freedom Seguros own family and feature Fernando main our combined operations in Chile,” said Luis Bonell, president, Liberty global, one among Liberty Mutual’s four strategic commercial enterprise devices. “enlargement in Chile is of strategic importance to our purpose to build scale in successful, existing markets.”

Pablo Barahona, chief working officer for Continental Europe and Latin america, Liberty international, said, “the acquisition of Penta become a incredible opportunity for us to set up ourselves as the primary enterprise in the industry and provide a strong platform for persevered increase in Chile.”

“The mixture of Liberty Seguros and Penta protection surely establishes Liberty as the essential participant in the Chilean coverage marketplace,” said Penta’s CEO Cámbara, who has over 38 years of revel in within the standard insurance market. “however being number one within the market isn't always enough and our extraordinarily-devoted employees enable us to additionally be the chief in delivering products, offerings and era to our policyholders, retailers and distribution companions.”