Zurich Insurance Group (Zurich), through its subsidiary in Chile, completed the acquisition of the Individual Life Insurance, Collective Insurance and General Fund Management (AGF) businesses of EuroAmerica in the country.
The transaction is part of the growth plan of Chilena Consolidada as a member of the Zurich Group, which aims to double the size and sales of the company in the country.
With this acquisition, the company increased its market share in the individual life insurance business, reaching more than 80,000 insured clients; and also the market share for group insurance, incorporating 600 new companies and more than 400,000 insured.
Likewise, the assets under administration of the AGF quadrupled, adding 17,000 new clients and reaching assets under management for more than US $ 1.600 billion.
The transaction, which was subject to the analysis and approval of the National Economic Prosecutor’s Office (FNE) and the Commission for the Financial Market (CMF), positions Chilena Consolidada as the leading insurer in the country in those segments, with 18% participation. of market in the Individual Life Insurance business and 22% in Collective Insurance.
In turn, the integration allows the company to incorporate new capabilities, greater efficiency in scale and improve the value proposition for its customers.
“We are in an important plan of growth as an organization. The acquisition is in line with the company’s aspiration to become the Preferred Insurer and Mutual Fund for clients and intermediaries in the country and is a new demonstration of the Zurich Group’s commitment to the development of its business in Chile, “said José Manuel Camposano, general manager of Chilena Consolidada.
“We are proud to offer clients who have trusted EuroAmerica the opportunity to access the global experience of the Zurich Group, as well as the trajectory of more than 165 years of Chilean Consolidated service in the country, demonstrating the company’s commitment to the Chileans, “the executive added.
This agreement will allow Zurich in Chile to accelerate the growth of the operation, increasing the market share in Individual Life Insurance and Collective Insurance. It also offers the possibility of strengthening the business of long-term savings of people, quadrupling the number of customers and complementing the current value proposal.