Talanx Group, the parent company and majority shareholder of Hannover Re, has signed a 20-year strategic bancassurance agreement with Mexico’s Afirme Grupo Financiero to sell non-life and life insurance products.
The partnership with Afirme Grupo Financiero aims to enable Talanx to achieve its strategic objectives through the development of its automotive, non-automotive and life protection businesses.
Talanx said the move, combined with the acquisition of 100% of the group’s insurance company Afirme Seguros, will strengthen HDI Seguros Mexico’s competitive position.
The parties have agreed not to disclose financial terms of the transaction, which is expected to close in the first half of 2027 and is subject to customary regulatory approvals and closing conditions.
Since 2009, HDI International AG has been present in the Mexican market through HDI Seguros Mexico.
In 2025, the company’s gross written premiums amounted to MXN 14,898 million (€704 million), compared with Afirme Seguros’ gross written premiums of MXN 7,859 million (€372 million).
Dr. Wilm Langenbach, Member of the Management Board of Talanx AG, Head of the Retail International Division and Chief Executive Officer (CEO) of HDI International AG, commented: “This partnership is an important milestone in the implementation of our strategy and brings us closer to our goal of becoming a top 5 player in the Mexican property and casualty market.
“The partnership with Afirme is designed to leverage Afirme’s superior footprint, distribution reach and brand, combined with the capabilities of Afirme Seguros and HDI Seguros in Mexico, to deliver superior products and services. We very much look forward to working together and combining the capabilities of our Afirme and HDI colleagues in this long-term strategic alliance.”
Jesús RamÃrez, CEO of Afirme Grupo Financiero, added: “This alliance marks the beginning of a new phase of expansion and integration of two great institutions, which together offer a more competitive value proposition to the market. Our Afirme brand, our distribution and close relationship with our customers, combined with the capabilities of an international company, will create a strong product for the Mexican market.”
Nicolas Masjuan, Member of the Management Board of HDI International AG Latin America, said: “Mexico is an important growth market for HDI International. This long-term partnership strengthens our market position in Mexico, expands our distribution portfolio and supports further diversification. In addition, this transaction strengthens our position as the second largest property and casualty insurance company in Latin America.”
