Boston-based property and casualty insurer Liberty Mutual Insurance said it has acquired 99.6% of Compañía de Seguros Generales Penta Security S.A. (Penta Security).
Terms of the deal were not disclosed.
Together with its existing company, Santiago, Chile-based Liberty Compañía de Seguros Generales S.A., Liberty Mutual Insurance says that it is now the largest property and casualty insurance in Chile.
"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," said Pablo Barahona, COO for Continental Europe and Latin America, Liberty International.
The company has also named Fernando Cámbara Lodigiani CEO of Penta Security. He will lead a management team comprised of executives from both companies.
The company said Penta Security has a diverse portfolio of personal and commercial insurance, with products that are consistent to those offered by Liberty Seguros. In 2014, Liberty Seguros recorded $235.1 million in direct written premiums, and Penta Security had $310.8 million.
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