Boston-based property and casualty insurer Liberty Mutual Insurance said it has acquired99.6% of Compañía de Seguros Generales Penta Security S.A. (PentaSecurity).
|Terms of the deal were not disclosed.
|Together with its existing company, Santiago, Chile-basedLiberty Compañía de Seguros Generales S.A., Liberty MutualInsurance says that it is now the largest property and casualtyinsurance in Chile.
|Related: Liberty Mutual has biggest loss in decade onVenezuela, energy
|“The acquisition of Penta was a great opportunity for us toestablish ourselves as the number one company in the industry andprovide a solid platform for continued growth in Chile,” said PabloBarahona, COO for Continental Europe and Latin America, LibertyInternational.
|The company has also named Fernando Cámbara Lodigiani CEO ofPenta Security. He will lead a management team comprised ofexecutives from both companies.
|The company said Penta Security has a diverse portfolio ofpersonal and commercial insurance, with products that areconsistent to those offered by Liberty Seguros. In 2014, LibertySeguros recorded $235.1 million in direct written premiums,and Penta Security had $310.8 million.
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
