Boston-based Liberty Mutual Insurance, which operates in 30 countries around the world, entered the Turkish insurance market by acquiring Turkish insurance company Şeker Sigorta in 2006 and changed its name to Liberty Sigorta in 2007.
After operating in Turkey for 10 years, Liberty announced a loss of TL 10.5 million ($2.79 million) in 2016, while its accumulated losses amounted TL 50.7 million. Liberty Sigorta announced a loss of TL 3.8 million in the first nine months of 2017.In late 2017, Liberty Sigorta announced that it replaced the general manager, disclosing: "We unabatedly continue to achieve our goals in Turkey. We will keep our place among the industry's most stable companies by closely cooperating with our business partners."
Last week, one month after the replacement, Liberty Insurance was sold, and Liberty Mutual Insurance withdrew from the Turkish market, according to a report in Turkish daily Hürriyet. Hannover-based Talanx, one of Europe's largest insurance groups, signed an agreement to buy 99.4 percent of Liberty Sigorta's shares. After obtaining the necessary approvals from the Undersecretariat of Treasury's General Directorate of Insurance, the acquisition process will be complete.
HDI Sigorta, Talanx Group's investment in Turkey, has been engaged in the field of non-life insurance in Turkey since 2006. Talanx International Board Chairman and Talanx AG Board Member Torsten Leue said through this acquisition, they wanted to be one of the top five players in Turkey, which is one of their target markets. According to a statement about the acquisition, Talanx, under the HDI brand, which has an insurance tradition of more than 100 years, has operated in the fields of both industrial and retail insurance both in Germany and abroad.