German (re)insurance holding company Talanx has bought 100% of Mexican insurer Metropolitana Compañia de Seguros for an undisclosed sum.
The company said the purchase was part of its plan to continue expanding in Latin America.
Metropolitana's premium volume was €72m in 2010 and it has a 420-strong workforce. Two thirds of the family-run insurer's business is motor, with the remainder distributed between life, health and other property/casualty business.
Sales activities are focused on Mexico City and the centre of the country.
Talanx said the acquisition fits well with Talanx International's existing operations in Mexico. Metropolitana wil be merged with HDI Seguros Mexico, which Talanx bought in 2009.
"With Metropolitana we are acquiring a profitable company that makes a very good fit both from a regional and portfolio perspective," said said Torsten Leue, member of the board of Talanx AG and chief executive of Talanx International. "At the same time, this transaction is another step implementing the strategy of the Talanx Group which is expansion in the fast growing Latin American market."
Talanx is the holding company for insurance group HDI and reinsurer Hannover Re.