"We want to double the size of the company"

The consolidated Chilean company – a member of the Zurich group – yesterday acquired EuroAmerica's insurance business, excluding annuities, and the general fund manager (AGF).

The transaction was badyzed and the approval of the National Economic Fiscal and the Financial Market Commission amounted to US $ 138 million.

As a result of this purchase, the company increases its market share in the individual life insurance sector to 18%; in the group insurance market at 22%; and also owns badets under the management of the General Manager of Funds (AGF), for more than 1,600 million US dollars.

Chilena Consolidada's general manager, Jos Manuel Camposano, recounts that he ended an operation that preceded them yesterday. working long ago "This is part of a strategic plan that we proposed three years ago." And he adds: "We want to be the leader of the Chilean market and our aspiration is to double the size of society."

– What is the purpose of the acquisition of a Euro-American company?

"This aims to double the size of the Zurich activity in Chile and this aspiration include organic and inorganic growth initiatives.In terms of rents, there is organic growth, we have actually doubled our share market in the badet management sector and in that of AGF inorganic growth In all our companies, we are implementing initiatives to duplicate ourselves and we have come a long way ".

-What is progress?

"The 2015, when we started with the idea, the total life premium and the general insurance of Zurich in Chile amounted to 500 million dollars.This year we will end with 1,000 The next plan provides $ 1,300 in five years, which is three years, which indicates that we are doing well. "

-What

" This means that since yesterday, all customers of the activities EuroAmerica, such as Insurance and AGF, became the Zurich group, Chilena Consolidada. "

"This acquisition allows us to take control of 500,000 clients, including 40,000 in individual life insurance, 400,000 in group insurance and 17,000 from a mutual fund."

– What is happening with EuroAmerica workers?

"They all become employees of Consolidated Chilena, there is no redundancy, we looked for a model of integration when buying companies, in which 550 people come, what we need long term for their ".

-They would like to acquire the complete activity, including society?

"It was part of the negotiation and EuroAmerica had the interest of staying active in the annuity business.

– What do you mean?

" When you buy a complete business, there is a integration process that generates a lot of stress in organizations over a long period, because there are two people All this process of integration, we apply an integration model where this does not happen, because only the required people are provided. "

– How is the operation financed?

" There is a capital increase. the funds are already there, it has become a capital increase of the life insurance company of Chilena Consolidada and with which the operation is paid. "

– What was this capital increase?

" The capital increase was more, because there were also costs of integration, it was finally $ 180 million. But this increase is related to the various companies in which we are growing, namely insurance companies, individuals, generals and annuities, where the increase in market share requires a capital increase. "

" Zurich is also investing in other Latin American countries. Therefore, trust does not lie only in Chile, but throughout Latin America. "
JOS MANUEL CAMPOSANO
DIRECTOR GENERAL OF CHILE CONSOLIDATED