| | |  Business News | October 2009 
HDI-Gerling Looks to Become Top 5 in Mexico Auto Insurance
 Jorge Porter - Business News Americas
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October 03, 2009
Germany's HDI-Gerling International (HDI) is aiming to become a top five player in Mexico's auto insurance market, Sergio Bunin, company director for Latin America told BNamericas.
"We want to have a presence just like HDI has in Brazil, which is one of the country's five largest car insurers," Bunin said.
On October 1, HDI began operating in Mexico under the HDI Seguros brand after obtaining legal and regulatory approvals following its purchase of the local unit of US Genworth Financial (NYSE: GNW) in January for US$45mn.
The sale includes the automobile, property and casualty, life, and personal accident insurance business lines that Mexican unit Genworth Seguros distributes through independent insurance agents.
HDI has said it will continue to look for new market opportunities in Mexico to reach its growth objectives.
Genworth Seguros México, which is based in the city of León, Guanajuato state, registered premiums of 937mn pesos (US$68.1mn) in 2008 and reported assets in excess of 1.15bn pesos at the end of last year.
In the country, the German insurer also operates HDI-Gerling de México Seguros, which focuses on large industrial risks and operates separately from HDI Seguros.
HDI operates in 13 countries with revenues in excess of 2bn euros (US$2.9bn). The company's Latin American operations also include a Chilean subsidiary.
HDI is part of Hannover-based Talanx group, the third largest insurance group in Germany with revenues of 18.9bn euros in 2008.
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