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HDI Seguros is the new name of the Mexican insurance company
In 2009, HDI-Gerling International purchased Genworth Seguros from Genworth Financial. HDI-Gerling is one of the strongest European based international insurance companies.
What does this mean for Mexican insurance policy holders who have a Genworth Seguros policy?
Nothing has changed for customers insured by Genworth Seguros. When HDI acquired Genworth Seguros, they kept all of the Mexican auto insurance programs and infrastructure the same. They will honor all Mexican insurance policies that were issued under the name Genworth Seguros, and they will continue to provide the exact same Mexican auto insurance products in the future. If you wish to renew your Genworth Seguros policy, please do so. The only difference for customers will be the HDI logo printed on the Mexican insurance policy instead of the Genworth Seguros logo! The insurance prices have not changed, the coverages have not changed, and the claims service has not changed. In fact, all of the same Genworth Seguros staff who serviced the Genworth Mexican auto insurance is still working at HDI Seguros!
We, Adventure Mexican Insurance Services, still feel that HDI Seguros is one of the best Mexican insurance companies. HDI has not indicated that they will be changing anything with how the HDI Mexican auto insurance program operates, so we feel very confident in continuing to offer the HDI Seguros products to our customers.
If you have any questions about HDI Seguros, please feel free to call our office so we can assist you. 800-485-4075
Please read the press release from HDI Seguros below for more details:
German firm HDI-Gerling International Holding, AG Buys Genworth Seguros Mexico, S.A. de C.V.
Leon, Guanajuato, January 22, 2009. - HDI-Gerling International Holding AG (HGINT) signed an agreement yesterday to purchase Genworth Seguros Mexico, S.A. de C.V. and has filed the initial proceedings to obtain the corresponding approvals from the Secretary of the Treasury and Public Credit, and the National Commission of Bonds and Insurance.
The renowned German group decided to enter the Mexican market by buying Genworth Seguros -a company that belongs to Genworth Financial-, as part of its global strategy to increase its presence in the Latin American insurance market. HGINT decided to build on the insurance company's structure, soundness and prestige to undertake its ambitious development plans in Mexico.
The acquisition includes the Motor, Property and Casualty, Life, and Personal Accident lines of Business that are distributed through independent professional insurance agents. Genworth Financial on the other hand, will continue to operate its Mortgage Insurance and Lifestyle Protection Insurance business as their specialty lines in our country.
Matthias Maak, Managing Director of HDI-Gerling International Holding AG confirmed that "the Mexican insurance market has great potential. This is the reason why HDIGerling International Holding AG decided to invest in Mexico and purchase an insurance company with an excellent reputation and the appropriate coverage in the Mexican Republic". Sergio Bunin, Regional Manager for Latin America at HG-INT confirmed his firm's "full confidence in the Genworth Insurance Company's human resources and the professionalism that characterizes its sales force; these factors combined with HG-INT's know how and experience are the right synergy to reach the company's growth and profitability objectives."
HDI-Gerling International Holding AG is part of the Talanx Group, the third largest insurance company in Germany, which is based in Hannover and expects a premium income of more than 18.9 billion Euros ($25.4 billion USD / $350,168 Million Pesos) in 2008. HDI-Gerling International Holding, AG has operations in 13 countries, which reported revenues in the amount of 2 billion Euros en 2008 ($2.7 billion USD / $37,055 Million Pesos).The company's Latin American operations include companies in Brazil and Chile.
In its own right, Genworth Seguros Mexico, S.A. de C.V., which is based in the city of Leon, Guanajuato, registered premiums in the amount of $937 million Mexican pesos at the close of 2008, from its Motor, Property & Casualty, Life, and Personal Accident insurance Divisions managed through professional independent agents, and registered assets in excess of $1,150 million Mexican pesos. The company has 340 employees and over 1,800 agents. The insurance company offers national coverage and operates its own offices in 25 cities across Mexico. Genworth Seguros Mexico holds a significant market share in cities in the interior of Mexico and is one of the top 13 insurance companies in the Motor sector nationwide.
Roberto Retteg, Managing Director of Genworth Seguros, stated that "this is a very positive acquisition because HG-INT is totally aligned with the Genworth Seguros business strategies and philosophy, which will allow the company to consolidate its operations and accelerate its growth in specific market niches."
About HDI-Gerling International Holding, AG: HG-INT is part of the Talanx Group, the third largest insurance group in Germany, which has over 17,000 employees worldwide. The Talanx Group includes companies such as Hannover Re, -one of the largest reinsurance companies in the world-, HDI, Aspecta and Ampega Gerling, just to name a few.
