A unit of Talanx A.G. has agreed to acquire most of the Mexican insurance operations of Genworth Financial Inc.
HDI-Gerling International Holding Inc. would get Genworth Seguros Mexico S.A. de C.V., Leon, Mexico, according to Genworth, Richmond, Va.
The deal would include Genworth’s life insurance operations in Mexico, along with the automobile and personal accident insurance lines that Genworth Seguros distributes through insurance agents.
Genworth would keep its mortgage insurance line in Mexico.
Genworth also would keep its Mexican “lifestyle protection” business. The lifestyle protection business helps consumers insure their ability to meet financial commitments, such as obligations to pay off credit cards, against the risk of hospitalization, accidents, sickness or involuntary unemployment.
Talanx, Hannover, Germany, has been identified as a company that might have an interest in buying parts of American International Group Inc., New York.
The price of the Genworth Seguros deal was not immediately available.
The deal is subject to approval by Mexican insurance, Treasury and public credit regulators.
Genworth Seguros now has about 340 employees, Genworth says.