Talanx (XTER:TLX, Financial) (Germany) is an insurer that operates in reinsurance (through Hannover Re), commercial non-life insurance globally (Industrial Lines), and retail insurance operations in Germany, Brazil, Mexico, Chile, Poland, Italy and Turkey. The most significant source of value at Talanx is its 50.2% stake in Hannover Re, regarded as the premium operator in the reinsurance market, which we believe is in the early stages of a favorable pricing cycle. Furthermore, Talanx’s fully owned Industrial Lines business has undergone significant restructuring in recent years, which should support better financial performance.
From David Herro (Trades, Portfolio)'s Oakmark Intl Small Cap (Trades, Portfolio) Fund second-quarter 2021 letter.