Liberty Mutual Insurance named Fernando Cámbara Lodigiani as CEO of its Chile operations following its acquisition of approximately 99.6 percent of Compañía de Seguros Generales Penta Security S.A. (Penta Security).
Together with its existing company, Liberty Compañía de Seguros Generales S.A., Liberty Mutual Insurance is now the largest provider of property and casualty insurance in Chile, the Boston-based insurer said in a statement. (Penta Security is the fourth largest non-life insurer in Chile.)
With a management team composed of executives from both companies, Penta Security offers a diverse portfolio of personal and commercial insurance, Liberty Mutual said, noting that its products are consistent to those offered by Liberty Seguros, which has grown substantially in the 10 years since Liberty Mutual first entered Chile.
In 2014, Liberty and Penta Security generated $171 billion Chilean pesos ($230.5 million) and $226 billion Chilean pesos ($304.6 million) of direct written premiums, respectively. The acquisition of Penta Security reaffirms Liberty Mutual’s commitment to Chile and its continued desire to grow in the $3 billion Chile property & casualty insurance market, the company said.
“We are pleased to have Penta Security join the Liberty Seguros family and have Fernando leading our combined operations in Chile,” said Luis Bonell, president, Liberty International, one of Liberty Mutual’s four strategic business units. “Expansion in Chile is of strategic importance to our goal to build scale in successful, existing markets.”
Pablo Barahona, chief operating officer for Continental Europe and Latin America, Liberty International, said, “The acquisition of Penta was a great opportunity for us to establish ourselves as the number one company in the industry and provide a solid platform for continued growth in Chile.”
“The combination of Liberty Seguros and Penta Security clearly establishes Liberty as the major player in the Chilean insurance market,” said Penta’s CEO Cámbara, who has over 38 years of experience in the general insurance market. “But being number one in the market is not enough and our highly-committed employees enable us to also be the leader in delivering products, services and technology to our policyholders, agents and distribution partners.”
Source: Liberty Mutual Insurance
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Topics Mergers & Acquisitions Market
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