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Report: Italy's Reale Mutua considering entering Chilean insurance market

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Report: Italy's Reale Mutua considering entering Chilean insurance market

Italianinsurer Reale MutuaAssicurazioni is considering entering Chile's general insurancemarket, Pulso reported April 4,citing Daniel Garcia, the new head of the insurance area at Chilean securities andinsurance regulator SVS.

RealeMutua executives, including CEO Luca Filippon, reportedly met with Chileaninsurance sector executives and authorities in early March to discuss thefirm's possible entry into Chile.

Theexecutives interested in partnering with the Italian insurer in Chilereportedly include former Liberty Seguros Chile CEO Oscar Huerta and formerChilena Consolidada SegurosGenerales S A CEO Eduardo Couyoumdjian.

Theseexecutives had previously planned to partner with Mexican auto insurerQuálitas Compañía de Seguros SAde CV in 2015, but Qualitas canceled its plans to establish a Chilean unit.

Despitestrong competition in the Chilean insurance market, various foreign insurershave expanded in Chile recently, including Germany's , which acquired AseguradoraMagallanes in 2015, and U.S.-based Liberty International Holdings Inc., which purchasedCompañía de Seguros GeneralesPenta Security SA.